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EUR/USD keeps gains above 1.15 after 300-pip surge

© Dukascopy Bank SA
"Safe-haven flows have been mainly targeted at the euro, which I think is stunning."
- Thu Lan Nguyen, Commerzbank (based on Bloomberg)

Pair's Outlook
Yesterday's panic, which was caused by fears that the crash of Chinese stock market may hammer global economic recovery, made the Euro a safe-haven currency against the Dollar. EUR/USD climbed more than 300 pips in just one trading day and crossed the crucial resistance represented by the 2005 low at 1.1637. The peak was reached at 1.1714, after which the Greenback managed to pare losses down to 1.1580. Despite that, the present market volatility may fuel the pair for new gains, while bulls are now setting eyes on a new supply at 1.1756 (2004 low).

Traders' Sentiment
The share of bulls rose from 48% to 50% yesterday. On the contrary, pending orders in 100-pip range from the spot declined from 51% to 44%.

© Dukascopy Bank SA

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