EUR/USD probes support at 1.3687/72
Pair’s Outlook
EUR/USD stays directionless, as its movements are restricted by the tough levels from both sides. Should the currency pair try to recover, as suggested by the monthly technical indicators, it is going to first bump into the monthly S1, then the 100-day SMA and the up-trend line. Conversely, if the Euro depreciates, which is still considered to be the most likely scenario, there is presumably a strong demand area around the 200-day SMA—1.3687/72.
Traders’ Sentiment
While the distribution between the long (43%) and short (57%) positions is virtually unchanged compared to the yesterday’s figures, the relative number of buy positions 50 pips from the spot increased, from 56% up to 64%.
Source: DukascopyBankSA
