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- Prudential Financial (based on MarketWatch)
Pair's Outlook
Even though the shared currency managed to rise above the weekly resistance at 1.2580 on Wednesday, later the pair returned back to trade below this level. It looks like the next strong supply area around 1.2630 is putting additional pressure on pair's bulls, as they struggle to push the pair higher. Technical indicators suggest the cross will start declining after it recovered some losses during last three weeks; however, a drop below 1.25 is unlikely this week.
Traders' Sentiment
Market sentiment on EUR/USD became completely undecided on the SWFX market. At the moment 50% of all positions are held both by bulls and bears. Pending orders, in turn, entered the red zone, as now only 38% of them set to acquire the Euro in 100-pip range.
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