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- JPMorgan Chase & Co. (based on Bloomberg)
Pair's Outlook
EUR/USD rallied for a third consecutive day on Monday as the single European currency is targeting the 55-day SMA, currently at 1.0930. However, a move significantly beyond this mark is unlikely. Additional resistances are located at 1.1040 and 1.1098, represented by March/April highs and January low, respectively. Therefore, the outlook for the Euro's short-term development remains bearish, unless the pair consolidates above 1.11 (monthly R1) in the foreseeable future.
Traders' Sentiment
Distribution between long and short positions at the SWFX market remains biased in favour of the latter, as bulls are currently in the minority with only 44% of all opened positions.
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