© Dukascopy Bank SA
- HSBC (based on Bloomberg)
Pair's Outlook
EUR/USD continues to slowly grind higher, even though it is highly unlikely to pass through the nearest and at the same time one of the strongest resistances at 1.3831/00. Therefore we expect the currency pair to turn around in the foreseeable future and start targeting supports, such as the one at 1.3520/01, where the monthly pivot point merges with the 200-day SMA.
Traders' Sentiment
The sentiment of the SWFX market participants remains moderately bearish—60% of open positions are short, even though the overall level of the U.S. Dollar's of popularity is currently on the decline. Meanwhile, the share of buy orders increased from 51% to 54%.
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