EUR/USD declines from weekly PP
Pair’s Outlook
EUR/USD remains trapped between the resistance at 1.3846/31, represented by the weekly PP and 20-day SMA, and the down-trend support line. And while most long-term technical indicators continue giving ‘buy’ signals, on the daily time-frame the outlook is constantly deteriorating. Nevertheless, the currency pair is still viewed as capable of reaching the monthly R1 at 1.3923.
Traders’ Sentiment
While for a day there were no changes in the sentiment, as reported yesterday, now the share of the bearish market participants is again falling, even though at a fairly slow pace. During the last 24 hours the percentage of short positions open on EUR/USD dropped from 66% down to 65%.
Source: DukascopyBankSA
