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EUR/USD slumps below 1.12 as bears return to market

© Dukascopy Bank SA
"We're still looking for eurodollar to get down to parity by the end of this year."
- Bank of America (based on Bloomberg)

Pair's Outlook
The nearest EUR/USD's targets have been reached yesterday, as the pair plummeted the most since May 19 and was pushed below 1.12. After violating the 20-day SMA and weekly S1, the space down to the monthly PP at 1.1089 is free from any technical levels at the moment. Therefore, a further decline is not off the table completely, even though daily and weekly technical indicators are waiting for a rebound of the Euro in the short and medium-term. 

Traders' Sentiment
The share of long open positions at the SWFX market rebounded by two additional percentage points, up from 41% to 43% in the morning on Wednesday. Long pending orders in 100-pip range from the spot decreased from 61% to 49%.

© Dukascopy Bank SA


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