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- Mervyn King, former BoE Governor (based on Bloomberg)
Pair's Outlook
The Euro managed to pare Monday's losses yesterday after rebounding from the weekly S1 at 1.2428. Nevertheless, the near-term outlook remains bearish—the four-month down-trend is still intact. Even if it is breached, there are resistances at 1.264 and 1.274 that are highly unlikely to allow EUR/USD to sustain a recovery for long. Only violation of the 38.2% Fibonacci retracement of May-Nov sell-off at 1.30 will be considered long-term bullish.
Traders' Sentiment
EUR/USD continues to be characterised by indecision in the market—the bulls (51%) and the bears (49%) are equally strong. As for the orders, the share of the buy ones is growing and it already amounts to 59%.
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