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EUR/USD established new bearish trend

© Dukascopy Bank SA
"Our view is looking for a hike in September, but we're all sympathetic with the idea that it'll be very slow and it'll be wait-and-see for six months and go again."
- Deutsche Bank (based on Bloomberg)

Pair's Outlook
EUR/USD is falling in value for a fourth consecutive trading day on Tuesday. Therefore, it seems that bears managed to receive enough negative momentum in order to revive the tendency of depreciation. The pair has crossed the 100-day SMA on Monday and the next immediate target is represented by 55-day SMA at 1.1058. However, in course of this week a decline towards 1.10 (monthly PP/downtrend) is possible as well, but bulls may try to hold the Euro above this important support area.  

Traders' Sentiment
The share of bulls grew from 50% to 51% yesterday, while the portion of long pending orders in 100-pip range from the spot remains positive at 58%.

© Dukascopy Bank SA


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