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- Ueda Harlow (based on Bloomberg)
Pair's Outlook
Even though last week EUR/USD had trouble passing through some of the resistances, the currency pair preserved the bullish momentum. However, being that the Euro is approaching the major multi-year down-trend line at 1.3758, there are significant downside risks at the moment, despite the ‘buy' signals provided by the technical indicators.
Traders' Sentiment
The sentiment is considerably more bearish towards EUR/USD than a week ago, when 61% of open positions were short. The percentage of traders believing the single currency is going to lose value increased up to 66%. Meanwhile, the amounts of buy (45%) and sell (55%) orders are more or less equal.
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