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EUR/USD remains below 1.12

© Dukascopy Bank SA
"Even if Yellen might not, left to her own devices, be ready to move on rates, there is probably a growing sentiment that the time is getting closer."
- Peterson Institute for International Economics (based on Reuters)

Pair's Outlook
After a sharp drop amounted to 160 pips on Thursday, the shared currency stabilised a day later. Even though the EUR/USD pair tried to rebound toward 1.1250, it failed to sustain a recovery and closed below the round level of 1.12. Judging from technical indicators, the cross is likely to remain silent in the near term. The closest support is located at 1.1116 (weekly S1); therefore, any bearish pressure may push the Euro in the direction of this line.

Traders' Sentiment
Both bullish and bearish opened positions at the SWFX market are accounting for 50% in the morning on Monday. Additionally, SWFX pending orders to buy the Euro against the US Dollar in 100-pip range from the spot are in the minority and account for just 47%.

© Dukascopy Bank SA


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