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- Scotiabank (based on Exchange Rates)
Pair's Outlook
EUR/USD established itself in a tight range between the 1.12 and 1.1280 marks, both represented by major demand and supply areas, respectively. The former is ready to contain a decline of the Euro by the monthly pivot along with the 55-day SMA. From the upside, the cap is delivered by the weekly pivot and the 20-day SMA. It seems that there exists an upside potential, given that the mentioned resistance looks weaker than the cited support. On the other hand, daily technical indicators tend to disagree and they suspect the pair will soon tackle the lower bound.
Traders' Sentiment
The total number of long positions opened in the SWFX market decreased to 43% from 44% by the morning of April 26. As for pending orders, 60% of them are set to sell the Euro against the US Dollar
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