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- Brown Brothers Harriman (based on Reuters)
Pair's Outlook
EUR/USD rebounded during trading on Monday of this week, while the pair returned back above 1.12 level. All in all, daily gains reached as many as 100 pips, with no resistance levels crossed in course of this move. The closest supply zone is located at 1.1332 and is represented by the weekly pivot point, which may even stop bulls by acting alone. Therefore, short-term gains up to 1.1350 are possible, but the medium-term outlook remains negative for the Euro.
Traders' Sentiment
Distribution between long and short opened positions on EUR/USD pair decreased slightly from yesterday to 49% and 51%, respectively. At the same time, commands to acquire the Euro lost one more percentage point during last 24 hours to stay at just 31%.
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