Dukascopy - Analytics

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EUR/USD lacks confidence to gain value

© Dukascopy Bank SA
"Having seen how the bounce in oil prices coincided with the bounce in the euro against the dollar, I'm starting to take this relationship more seriously."
- SLJ Macro Partners LLP (based on Bloomberg)

Pair's Outlook
Yesterday, EUR/USD slipped below the 55-day SMA/weekly PP and is currently fluctuating around the 1.0940 level. It seems that bulls are not convinced in the pair's ability to rally, even though a close above 1.0960 will provide an opportunity for a jump towards the 100-day SMA at 1.1082. However, a failure to increase in value may result in a sell-off down to the recent low at 1.0820. Meanwhile, daily and monthly technical indicators assume the latter scenario is going to take place. 

Traders' Sentiment
The gap between long and short positions at the SWFX market increased slightly, as bulls are keeping 46% of all opened positions, down one additional percentage point from yesterday.  

© Dukascopy Bank SA


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