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- UniCredit SpA (based on Bloomberg)
Pair's Outlook
Unchanged from yesterday's outlook, EUR/USD is still estimated to be capable of rebound in the near-term. The pair stayed above 1.1150 on Monday, and unless it hovers above the March high at 1.1052 the forecast may remain fairly positive. In addition to that, the mentioned demand line guards next supports at 1.10 (monthly PP) and 55-day SMA at 1.09. Meanwhile, daily technical indicators are giving strong signals to buy the Euro at the moment.
Traders' Sentiment
The gap between long and short positions remains well-pronounced in favour of the latter, as bulls are currently keeping just 44% of all positions. Pending orders to buy Euro against US Dollar in 100-pip range from the spot price have unexpectedly gained 16% to 65%.
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