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EUR/USD spikes back to reach 55-day SMA

© Dukascopy Bank SA
"People reduced expectations that the ECB is going to be so dramatic next week with their policy decision."
- BMO Capital Markets (based on Reuters)

Pair's Outlook
In the run up to Friday's US payrolls data, the EUR/USD cross skyrocketed the most since February 9 and retested the January-February uptrend line. The bulls were limited by the 55-day SMA, currently at 1.0970. This moving average is succeeded by another bunch of resistances including the 20-day SMA, weekly and monthly pivot points. Ultimately, there is the 200-day SMA placed at 1.1045. An advance above all of them should neutralise our outlook for next week, also noting that weekly technical indicators are expecting a sideways movement starting March 7.

Traders' Sentiment
More SWFX traders have decided to join the bullish camp and push the number of open positions from 51% up to 53%. However, commands are now set to sell the Euro against the Buck in 57-58% of all cases.

© Dukascopy Bank SA


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