EUR/USD hovering above 1.347

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The ECB will have to change how it defines the euro. It is in the process of defining a softer euro more suitable for the whole region."
- Nomura (based on CNBC) 

Pair's Outlook
Pair is slowly inching lower, but 1.347/45 keeps it supported. However, upside potential remains limited. We could see a minor rally up to 1.356, but it seems very unlikely that the pair could advance above it with confidence. Failure at 1.347/45 could provoke further slide up to 1.332.

Traders' Sentiment
It seems that bulls are giving up on their hopes to push the pair higher. Market sentiment remains exactly the same as yesterday with 66% of traders being short on the pair, but now slim majority (52%) of pending orders are in their favour as well. That's a 8% increase since yesterday.

© Dukascopy Bank SA

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