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EUR/USD sets eye on recent lows at 1.09

© Dukascopy Bank SA
"If we get good numbers this week, and we get more hawkish comments, then I think the dollar will resume some of its strength."
- Mizuho Bank Ltd. (based on Bloomberg)

Pair's Outlook
EUR/USD pierced through the weekly PP at 1.0998 yesterday, thus reopening the next support zone for bears. They are going to focus on the 1.09 level, which is guarded by the weekly S1 and Oct 28-29 lows. Success here will allow for a sell-off to extend down to the 1.08 area in the nearest future, where May/July lows coincide with the weekly S2. Alongside, rallies are still expected to be capped by the up-trend and 200-day SMA at 1.1070 and 1.11, respectively. On Wednesday EUR/USD's movements will highly depend on a bunch US statistics including the ADP employment report.

Traders' Sentiment
Bulls regained the majority of open positions in the SWFX market, namely 51% of them, while commands to buy the Euro in 100-pip range from the spot climbed from 39% to 48%.

© Dukascopy Bank SA


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