© Dukascopy Bank SA
"The market has run a long way in terms of dollar strength. We're probably mostly in a phase of consolidations, with one exception in short sterling, which still attracts as a bearish trade on Europe."
- Societe Generale SA (based on Bloomberg)
Pair's Outlook
EUR/USD found support around a 1.30 benchmark, which demonstrates a high degree of magnitude and does not allow the price to move far away. As yesterday, the major currency pair faced ebbs and flows, but finally closed the session unchanged at the weekly PP level at 1.3025. Today the pair cautiously rises and the next resistance would be the 20-day SMA and the weekly R1 at 1.3096.
Traders' Sentiment
Distribution of opened positions does not change and the majority of traders, 53%, are still waiting for further depreciation. Pending orders market provides 56% of orders for a short position and 44% for a long.
© Dukascopy Bank SA