© Dukascopy Bank SA
- Bank of New Zealand (based on Bloomberg)
Pair's Outlook
EUR/USD is faltering below the 200-day SMA for a third consecutive day on Friday, while yesterday the pair failed to penetrate this level. From another side, Thursday's bearish push downwards was immediately capped by support area at 1.1080 (100 and 55-day SMAs, weekly R2). The pair may allow for a rise above the Jul high at 1.1216 next week, but longer-term rally is still unlikely. Moreover, as long as it remains below the resistance zone of 1.1160-1.12, our outlook with respect to the Euro is fairly negative.
Traders' Sentiment
The share of bulls grew from was unchanged at 49% in the past 24 hours, while the portion of long orders in 100-pip range slumped from 63% to just 40%.
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