© Dukascopy Bank SA
- Akira Hoshino, Bank of Tokyo-Mitsubishi UFJ (based on CNBC)
Pair's Outlook
Recent rally of EUR/USD appears to be overextended, accordingly, probability of a more distinct pullback than we saw after confrontation with the 200 day SMA increases, although there are currently few reasons for the Euro to weaken in the absence of any notable resistances located nearby. Among those level that are potentially capable of delaying advancement are 1.3140 and 1.3400/34.
Traders' Sentiment
The market remains largely bearish on EUR/USD, being that 61% of all the positions placed on the pair are short, while long ones constitute 39% of it. Orders, on the other hand, are for 58% buy and 42% sell.
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