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- Citigroup (based on Bloomberg)
Pair's Outlook
The single European currency jumped for a seventh day in a row versus the Greenback on Thursday. EUR/USD violated the weekly R3 at 1.12 and even attempted to test the next major resistance at 1.1257 (23.6% Fibo). However, the latter level managed to deal with significant bullish pressure and sent the Euro back towards 1.12. Despite gaining 500 pips in last seven days, the pair's up-trend may come to an end, unless it consolidates above 100-day SMA, which is currently located at 1.1294.
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 42% of all opened positions.
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