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EUR/USD tumbles towards 1.12, but limits losses

© Dukascopy Bank SA
"The dollar is leading the market, and the moves are being driven by expectations for U.S. rate hikes."
- Societe Generale (based on Bloomberg)

Pair's Outlook
EUR/USD was sent below 1.13 on positive US fundamentals yesterday. The pair has initially shrunk below 1.12, but managed to bounce back towards the 1.1250 area. It confirms the fact that the common currency struggles to advance above the monthly R1/Jun 4 high at 1.1360/80. Therefore, the medium-term outlook remains for a drop in the direction of Jun 8 low at 1.1085. In the near-term, however, we may observe a rebound, judging from daily technicals. 

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 dropped from 45% to 31%.

© Dukascopy Bank SA


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