© Dukascopy Bank SA
- Mizuho Corporate Bank (based on Reuters)
Pair's Outlook
Advance of the Euro against the Greenback was stretched over the American session on Friday, as the market allowed for a spike up until the 1.1450 mark. Although the pair fell short of reaching the April high at 1.1465, we foresee such a scenario later in the new week. However, at 1.1468 the bulls will face another resistance represented by various 2015-2016 peaks in this area. The second supply for this week is placed at 1.1538 (weekly and monthly R1). In the meantime, dips lower are still expected to be shallow and the weekly/monthly pivot points are expected to act decisively at 1.1376.
Traders' Sentiment
SWFX traders remain 60% short with respect to the Euro. Pending orders are divided equally between the bulls and bears in a 50-pip range from the spot price, while 100-pip commands are 55% long.
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