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EUR/USD fails to cross 7-month trend-line

© Dukascopy Bank SA
"A little caution on the bullish U.S. dollar story is understandable into a week which includes non-farm payrolls and lots of Fed commentary."
- Westpac Banking Corp. (based on Bloomberg)

Pair's Outlook
The March-October uptrend stays strong for the time being, while being able to keep EUR/USD under bearish pressure. As long as trading continues below 1.1060, where the trend-line currently finds its location, we are going to hold a bearish stance with respect to the pair. Any rally is going to face substantial resistances in the 1.1100/60 area, which can easily resume a sell-off in the medium term. Key support is placed around 1.08 for the moment, where weekly S2 and lower Bollinger band merge with May and July lows.

Traders' Sentiment
SWFX market sentiment went up from 51% to 53% over the weekend. At the same time, the number of pending orders to acquire the Euro in 100-pip range from the spot price dipped down to 44% (52% on Friday).

© Dukascopy Bank SA


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