© Dukascopy Bank SA
- Scotiabank (based on Bloomberg)
Pair's Outlook
EUR/USD was too weak to overcome a 1.3121 level yesterday, where the monthly PP merges with the weekly PP. As the price demonstrates a lack of bullish impetus to proceed a movement till the 20-day SMA, it is likely to see a recheck of the lower Bollinger band at 1.3037. The lower Bollinger band has already changed a direction by turning down and the price would nicely move along with it to test the 55-day SMA at 1.3007, which is one of the major indicators supporting a bullish trend.
Traders' Sentiment
Investors in SWFX market continue to increase bullish positions, as the buy side expanded to 44% and the sell side diminished to 56%. Pending orders segment is rather neutral, since bulls have 49% of orders and bears 51%.
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