© Dukascopy Bank SA
- Westpac Banking Corp (based on Bloomberg)
Pair's Outlook
Inside the current triangle pattern (boundaries at 1.1310 and 1.0860), EUR/USD is now descending to the South. Yesterday it slid below the weekly PP, monthly R1 and 23.6% Fibonacci retracement of this month's earlier climb. The primary target is the 38.2% retracement at 1.1145, followed by the 20-day SMA ten pips from below. The ultimate long-term bearish goal seems to be the pattern's lower bound at 1.0860. However, daily indicators continue supporting the bulls. Moreover, the 55-day SMA is going to breach the 200-day SMA to the upside soon, which is going to be a positive sign.
Traders' Sentiment
Over the previous 24 hours the SWFX market sentiment has been pretty much steady at 43-57%.
© Dukascopy Bank SA