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EUR/USD fails to violate monthly R1 from second attempt

© Dukascopy Bank SA
"Despite yesterday's market strong market rebound the fact remains that any agreement would still need to get past the Greek parliament, which is by no means a certainty, as well as getting agreement from the EU, IMF and ECB."
- CMC Markets UK (based on WBP Online)

Pair's Outlook
EUR/USD traded slightly to the upside on Wednesday, while hovering around the major downtrend around 1.13. The pair has even attempted to penetrate the supply zone at 1.1360 for a second time in five trading days. However, all efforts were unsuccessful, and the Euro returned down to 1.1320 by the end of trading. The near-term downside risks remains in place, unless the Euro commences a confident recovery above the mentioned resistance area. 

Traders' Sentiment
The gap between long and short positions at the SWFX market has been completely unchanged during the past 24 hours, as bulls are still holding 47% of all opened positions. Meanwhile, the share of long pending orders is flat at 45%.

© Dukascopy Bank SA


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