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– Hideyuki Sano (Based on Reuters)
Pair's Outlook
As expected, EUR/USD posted a red candle and created a long legged candle amid volatile intra-day movements. The pair opened Wednesday's session on a bullish note, testing the weekly Pivot Point at 1.0646. Considering the bearish nature of the motion towards the bottom trend-line of the two-month channel, we would expect the gains to be cut sometime soon in order to maintain the intended track. The next resistance lies at 1.0679 and support – at 1.0564, and based on the channel still being intact, we would expect a red candle today.
Traders' Sentiment
SWFX traders slightly upped their bullish sentiment to show 55% of all positions being long, compared to 54% on Tuesday. Pending orders, however, entered deeper pessimism with 64% (+1%) of commands being to sell the pair.
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