EUR/USD sandwiches between monthly S1 and 200-day SMA
Pair’s Outlook
The currency pair remains completely motionless, even though the daily and especially monthly technical indicators imply elevated volatility in the exchange rate. For EUR/USD to return to being active it has to breach either the monthly S1 at 1.3725, which should lead to a test of the up-trend at 1.3769/61, or the 200-day SMA at 1.3688, which may result in a dip down to 1.36. Right now the latter scenario is deemed to be more likely to transpire than the former.
Traders’ Sentiment
The sentiment towards EUR/USD remains stable and neutral, as 46% of positions are long and 54% of them are short, just as yesterday. Concerning the orders placed, the majority of them, namely 60%, are to sell the Euro against the U.S. Dollar.
Source: DukasCopyBankSA
