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- U.S. Bank Wealth Management (based on Bloomberg)
Pair's Outlook
As expected, the EUR/USD cross breached an important support line that was targeted by bears yesterday. Therefore, many crucial technical levels were violated, which increases the risk of a further sell off in the short term. Bears are likely to aim at yesterday's low of 1.1291. However, this level is reinforced by the 23.6% Fibonacci retracement of a 2014-2015 long term downtrend. On the contrary, bulls are still hoping for a recovery with daily indicators pointing upwards, but any rally should be capped by recent highs around 1.1560/80.
Traders' Sentiment
The share of bulls slumped further from 49% to 42% in the past 24 hours. On the back of it the pending orders in 100-pip range from the spot surged 13 percentage points to reach 55%.
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