© Dukascopy Bank SA
- Mizuho Securities Co. (based on Bloomberg)
Pair's Outlook
The risks are presently heavily skewed to the downside, given that EUR/USD is trading just beneath the tough resistance. This supply area is mainly formed by the monthly R1 and February high, but also contains the weekly PP and the 20-day SMA. Nevertheless, at the moment the currency pair remains side-lined—it gravitates towards 1.3711/04 and is refusing to head to the support at 1.3609/1.3597.
Traders' Sentiment
The bearish towards EUR/USD sentiment carries on strengthening—the advantage of shorts compared to long has already increased to 24%, which is slightly above the 10-day average of 21%. As for the orders, the distribution between the buy and sell ones remains largely unchanged.
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