EUR/USD faces 200-day SMA
Pair’s Outlook
After a precipitous decline EUR/USD now finds itself trapped between two strong levels. From above the currency pair is capped by a combination of the up-trend line and 100-day SMA. From below the price is underpinned by the 200-day SMA and weekly S1. And even though the long-term technical indicators are mostly pointing up, the risks are still considered to be skewed to the downside, since the key resistance, namely 1.39, managed to stay intact.
Traders’ Sentiment
The sentiment towards EUR/USD stopped improving. The share of the long positions remains slightly above 40%, meaning there is still a noticeable difference between the amounts of bullish (42%) and bearish (58%) market participants.
Source: DukascopyBankSA
