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- Societe Generale (based on CNBC)
Pair's Outlook
EUR/USD retains the upside potential, as it is still trading above the 23.6% Fibonacci retracement level of the Sep 6 - Sep 19 rally. Moreover, the daily and weekly technical indicators are mostly giving 'buy' signals. However, at the same time the currency pair remains unable to overcome the September high at 1.3568, the resistance that is also strengthened by the monthly R2.
Traders' Sentiment
SWFX marketplace participants are not in a hurry to reposition themselves, since the price remains largely unchanged. Respectively, the bearish sentiments are dominating on EUR/USD—the short positions constitute 67% of the total amount, leaving bulls in a distinct minority with 33%.
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