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- RBC Capital Markets (based on Bloomberg)
Pair's Outlook
The Euro was up over the trading session on Tuesday, with rallies underpinned by weaker than expected US statistics and upcoming rate statement of the Fed. Yesterday the cap was offered by the weekly R1 at 1.1341, which successfully turned EUR/USD back and forced it to close below the 1.13 mark. Nonetheless, the spot keeps hovering above the weekly pivot and 20-day SMA, providing hopes that the rebound will resume in the short-term. Bearish Fed would give a good ground for tackling the yesterday high, but otherwise a sell-off down to the 1.12 support cluster is not off the table.
Traders' Sentiment
43% of all SWFX market participants keep maintaining the bullish stance on EUR/USD. However, pending orders soared decisively to the levels above 50% for the longs' side.
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