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- Credit Agricole (based on Bloomberg)
Pair's Outlook
With mixed signals coming from the Federal Reserve, the EUR/USD currency pair continued to trade sideways on Wednesday. Intraday losses were extending down to the weekly pivot point at 1.1326, but the bulls returned the pair back to the 1.14 zone. Therefore, we have got four consecutive days with changes of less than 20 pips. The medium-term primary objective for the longs is still represented by the October peak and weekly R1 at 1.15. Alongside, the second testing of the weekly PP must be successful in order to affirm any serious bearish intentions.
Traders' Sentiment
By Thursday morning the portion of long traders slipped down to 39%, the lowest level in eight weeks. Pending orders in 100-pip range are also slightly negative with 51% today.
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