© Dukascopy Bank SA
- ANZ (based on Reuters)
Pair's Outlook
In spite of growing back above the 100-day SMA on Thursday, the EUR/USD pair will likely fail again on the last trading day of this week. By advancing towards the 1.12 marker, the bulls have pushed the exchange rate close to a steep downtrend resistance where a sell-off should commence, according to the majority of daily technical indicators. The bears should attempt to retake the moving average, currently located at 1.1169. However, in case the longs succeed in rising at least beyond 1.1220, then the base case would assume a spike towards the weekly pivot at 1.1250.
Traders' Sentiment
The SWFX market sentiment is 51% bullish for the first time in 12 weeks, while pending orders are predominantly remaining bearish on the Euro.
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