© Dukascopy Bank SA
- Nomura Holdings (based on Bloomberg)
Pair's Outlook
The single currency is holding to the gains that it has registered over the first trading day of a new working week. EUR/USD failed to consolidate below the Dec-Jan uptrend line, meaning the idea of bearish correction is postponed for some time in the future. Growth above 1.09 exposes the Dec-Jan downtrend near 1.0940, which had earlier refused the bullish scenario for three times. This line is immediately followed by 100-day SMA at 1.0962 and the monthly R1 at 1.0972. Only a spike above here will imply the 200-day SMA (1.1053) is at risk.
Traders' Sentiment
With EUR/USD growing in value, some traders fixed profit and therefore sent the bullish portion down to the four-week low of 43%.
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