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- Commerzbank (based on Bloomberg)
Pair's Outlook
EUR/USD climbed significantly on Wednesday, reflecting continuous US Dollar's weakness. The cross surged past the 23.6% Fibonacci retracement of May-March down-trend and closed just below the recent (May 7) high and weekly R1 at 1.1352. Daily technical indicators are still pointing to the upside, but we should be wary of weekly and monthly studies that are bearish. Therefore, the next resistance is face of long-term downtrend at 1.1470 may reverse the recent positive tendency of the pair.
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 opened positions, down two percentage points from yesterday.
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