Technical Analysis EUR/USD faces tough resistance
Technical Analysis EUR/USD for July 15, 2014
Pair’s Outlook
EUR/USD continues to trade beneath the resistance at 1.3643/23, represented by 55-day SMA, monthly PP and two-month down-trend. Accordingly, the currency pair is expected to move down in the short run, towards the major rising support line at 1.3568/63. This level in turn can potentially initiate a strong recovery, as suggested by the monthly technical indicators, but a possibility of a dip to 1.35 before any distinct rally remains a possibility.
Traders’ Sentiment
The gap between the amounts of bullish and bearish market participants remains insignificant, even though it is larger than yesterday—10 percentage points. The same situation is with the pending orders—46% to buy and 54% to sell the Euro.
Source: Dukascopy
