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- Beam Capital Management LLC (based on Reuters)
Pair's Outlook
Supported by important 200-day moving average line, the EUR/USD currency pair inched higher on Monday and eroded all initial daily losses. At the moment bulls are testing the 1.1260 resistance, which includes the monthly pivot point and 50% Fibonacci retracement of the Jul-Aug uptrend. Consolidation above this mark will expose the Sep 17-18 highs around 1.1450 in the medium term, while intermediate supply levels are placed at 1.1313 (weekly R1) and 1.1368 (38.2% retracement). Despite that, daily indicators are largely neutral at the moment.
Traders' Sentiment
The share of bulls on the market is flat at 53% on Tuesday. In the meantime, the portion of long pending orders in 100-pip range from the spot advanced from 39% to 46% in the past 24 hours.
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