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- Western Union Business Solutions (based on Reuters)
Pair's Outlook
Even by sliding only 12 pips on Thursday, the EUR/USD currency pair has set a tone for deeper losses in the foreseeable future and prolonged its drop for a third straight day. Yesterday's loss was capped at the weekly S2 at 1.1182, but EUR/USD may retest this support over the last trading day of this week. If successful, the Euro will be a position to put the 100-day SMA (1.1152) at major bearish risk. However, a sell-off is not anticipated by the technical indicators on both daily and weekly time frames. In case the bulls revive, for that purpose the nearest supply level is located at 1.1246 (weekly S1).
Traders' Sentiment
Percentage of long SWFX market positions bounced back to 45% from 46% yesterday. At the same time, pending orders are broadly mixed in both 50 and 100-pip ranges today.
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