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EUR/USD to retest 1.14 after failure yesterday

© Dukascopy Bank SA
"What we're seeing is a mirror image of yesterday's [EUR/USD] moves."
- Commonwealth Foreign Exchange (based on Bloomberg)

Pair's Outlook
Bears gained strong momentum on Tuesday, as EUR/USD attempted to cross several 2015 highs and close below the 1.14 mark. However, negative sentiment waned towards the end of trading and the cross came back above 1.1550. Still, the correction appears to be an event with a very high probability at the moment. If the pair fails at an immediate resistance represented by the May high at 1.1466, the next demand should be provided by Jun high at 1.1437 and monthly R2 at 1.1409. Despite that, daily technical indicators are bullish with respect to the common currency.  

Traders' Sentiment
The share of bulls decreased back from 50% to 49% in the past 24 hours. Alongside, pending orders in 100-pip range from the spot declined further from 44% to 42%.

© Dukascopy Bank SA


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