© Dukascopy Bank SA
- Commonwealth Foreign Exchange (based on CNBC)
Pair's Outlook
Even though EUR/USD was facing a strong support zone at 1.2874/69, it still managed to fetch 1.2843, but returned back above the weekly and monthly S1 levels, meaning that if the decline is not fully stopped, that at least its progress should be delayed. Continuation of a bearish move implies a re-test of 1.2745, Apr 4 low, which proved to be of great importance earlier as well.
Traders' Sentiment
The gap between the number of bulls (48%) and bears (52%) has narrowed to four percentage points, meaning that traders are largely undecided with respect to the direction of the currency pair in the nearest future. At the same time the gap between the buy (44%) and sell (56%) orders has also diminished.
© Dukascopy Bank SA