EUR/USD breaches 55-day SMA
Pair’s Outlook
Despite a plethora of ‘buy’ signals provided by the technical indicators on all relevant time-frames, the 55-day SMA failed to remain intact. This fact jeopardises the short-term bullish outlook we were inclined to believe in yesterday. Now the currency pair is rather in a position to move towards the key support at 1.37 (100-day SMA and up-trend line) than to head en route to the key resistance at 1.39 (down-trend line).
Traders’ Sentiment
The sentiment towards EUR/USD slightly improved, but a majority of the market participants are still expecting the single currency to underperform, namely 64% of them. In the meantime, the share of sell orders grew from 54% up to 56%.
Source: DukascopyBankSA
