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EUR/USD negates all Tuesday's gains

© Dukascopy Bank SA
"You have to keep in mind that the Greek banking system used the ELA very extensively in 2012. So it's not going beyond break. It's a warning signal that the patience isn't infinite."
- Citigroup (based on Bloomberg)

Pair's Outlook
On Wednesday, EUR/USD used to be one of major underperformers on the foreign exchange. Pair declined by exactly the same amount it advanced two days ago. Monthly PP was strong enough to push the Euro to the downside, while weekly R1 failed to ease bearish pressure that dominated on the market. Despite the move, daily technical indicators see a further decline of the common currency from the current 1.1350 mark. 

Traders' Sentiment
Distribution between EUR/USD's long and short positions market rebounded slightly to reach 47% vs 53%. At the same time, after a short-term rebound SWFX commands to acquire the Euro in 100-pip range plunged back below 50% threshold level to hit the 37% mark. 


© Dukascopy Bank SA


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