EUR/USD pushes through 100-day SMA
Pair’s Outlook
As the 55-day SMA failed to underpin the pair, now it is 100-day SMA’s turn to try to prevent further depreciation of the Euro. However, if this is not the case, the next significant support EUR/USD is going to encounter will be standing 100 pips to the South, where the weekly S2 level merges with the 200-day SMA. Given that the weekly and monthly technical indicators are bullish, there is a good chance the price will recover from there.
Traders’ Sentiment
The SWFX traders are getting less and less convinced that the Euro is going to fall relative to the U.S. Dollar; but overall the bears are still in a distinct majority, as they take up 59% of the market, and this is a significant advantage over the bulls (41%).
Source: DukascopyBankSA
