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- Wells Fargo Securities (based on Reuters)
Pair's Outlook
Regardless of the majority of the monthly technical indicators pointing upwards at the moment, the Euro is more likely to depreciate than to gain value. The immediate support is represented by the monthly S2 and weekly S1 and is located at 1.3582. In the meantime, the upside should be limited by the resistance at 1.3725/1.3689, which consists of the monthly S1 and, even more importantly, of the 200-day SMA.
Traders' Sentiment
Right now there is no significant difference between the amounts of long (49%) and short (51%) positions open on EUR/USD. The same situation is observed among the orders placed on the pair, where 46% are to buy and 54% are to sell the common currency.
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