- BK Asset Management (based on CNBC)
While there is still some upside potential for EUR/USD, the currency pair is likely to be capped by the falling trend-line and 20-day SMA at 1.14. At the same time, most of the technical studies are pointing south. Accordingly, the overall outlook for the Euro is bearish, though the currency needs to breach support at 1.13 to confirm its intentions to go lower, namely to the January low at 1.10. Alternatively, if 1.14 is violated, it will expose supply at 1.15.
The gap between the bulls and bears remains insignificant, merely 2 percentage points, meaning the sentiment is still neutral. In the meantime, the portion of the orders to sell the Euro 100 pips from the current price increased from 60 to 63%.