© Dukascopy Bank SA
- Neal Gilbert, GFT in Grand Rapids (based on Reuters)
Pair's Outlook
The major currency pair eases its appreciation pace, as yesterday it fluctuated in a narrow range around the monthly R1 at 1.3373. The pair has breached a 1.34 benchmark, but immediately reversed, therefore there exists a high probability that the price will appreciate further after the current correction. In case EUR/USD pair finds a spark for a bullish impetus, the closest resistance is at a 1.3479 level, where the weekly R1 intersects a 11-month high. In a down-side scenario, the price should test the 20-day SMA at 1.3199 as the first support.
Traders' Sentiment
Traders of EUR/USD pair reduce bullish positions and bet for a depreciation, as the buy side shrunk to 35% and the sell side increased to 65%. Pending orders' segment is slightly bullish, since 54% of orders are buy and 66% are sell.
© Dukascopy Bank SA