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- Bank of the West (based on Reuters)
Pair's Outlook
Markets foresee a consolidation of the Euro in the nearest future, following sharp upward moves earlier over the two preceding weeks. Monday opened with the spot below 1.1246/38, namely the monthly R3 and weekly pivot point. The first bearish target to meet is Feb 9-10 lows at 1.1162, followed by the monthly R2, weekly S1 and 20-day SMA around 1.11. The bulls should rely on this dense support, given that daily technical indicators are confident the EUR/USD pair will be able to resume advancing.
Traders' Sentiment
Over the weekend the share of bullish traders has gone up to 46%, compared to 42% on Friday. Alongside, 56% and 53% of all pending orders are set to sell EUR vs USD in 50 and 100-pip ranges from the spot price, respectively.
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