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"I expect the eurogroup to agree on the principles and rules of a direct-recapitalization instrument for the ESM ."
- EU Economic and Monetary Affairs Commissioner (based on Bloomberg)
Pair's Outlook
As expected 1.345 has held and sent pair 150 pips downwards. At the moment it is being supported by the 1.322 area. As short term technicals point at appreciation of the pair we might see short term buying rallies. In longer term, however, we are much more likely to see the pair spiralling towards 1.31 where expectations of major market participants start consolidating.
Traders' Sentiment
Bulls lost a marginal, 2%, share of the market. At the moment they control 62% of all open positions on the pair. Pending orders, however area again in favor for the bears. 55 of them are to sell the Euro against the greenback.
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