© Dukascopy Bank SA
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
EUR/USD's upside correction reached the monthly PP at 1.0811 on Friday. This level represents a strong supply area which is most likely going to push the single currency to the downside in the short-term. The pair should decline below 1.0724 for the bearish outlook to become confirmed, as it will allow the Euro to slump as low as 1.06 in next few days. In the meantime, negative outlook is supported by weekly and monthly technical indicators at the moment.
Traders' Sentiment
The total number of bullish opened positions at the SWFX market remains positive at 53% in the morning on Monday, down one additional percentage point during past 72 hours.
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