Technical Analysis EUR/USD remains bearish
Technical Analysis EUR/USD for August 06, 2014
Pair’s Outlook
As expected, none of the nearest supports were able to underpin the price, which gave up 50 pips more. Now there is only the weekly S2 and Bollinger band that separates the spot from the 2013 Q4 low. When EUR/USD reaches 1.33, there will be a good opportunity for the bulls to take advantage of the situation and start an upward correction. This rally could potentially extend to 1.35, where the three-month down-trend merges with the monthly pivot point.
Traders’ Sentiment
There are once again more bulls (58%) than bears (42%), but as we learned in the past, this advantage is fragile and may easily come to naught. Meanwhile, the share of buy orders increased from 40% to 53%.
Source: Dukascopy
