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EUR/USD to recover Friday losses

© Dukascopy Bank SA
"What we're looking out for this week is the dollar strengthening back again given that Fischer has failed to rule out a September rate hike."
- Bank of New Zealand Ltd (based on Bloomberg)

Pair's Outlook
EUR/USD increased pressure on bulls as it decided to retreat below the monthly R1 at 1.1196 on Friday. However, an immediate recovery above this important support during the weekend and on Monday is raising hopes a recovery will take place in the nearest future. At first, the common currency is required to consolidate above the Aug 28 opening price of 1.1242, while the next resistance is represented by the same day's high at 1.1309. Meanwhile, additional demand is also created by the 20-day SMA, currently at 1.1215, as well as strongly bullish daily technical indicators.  

Traders' Sentiment
The share of bulls stayed flat at 44% during the weekend. In the meantime, pending orders in 100-pip range from the spot price are divided equally between bulls and bears at the moment.

© Dukascopy Bank SA


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