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    EUR/USD is back below monthly S3

    © Dukascopy Bank SA
    "The differences between today's TLTRO and previous operations could largely explain the large take-up. As a consequence, we see today's TLTRO take-up as excellent news in terms of future bank lending that should continue to improve in a self-reinforcing way."
    - Credit Agricole (based on Bloomberg)

    Pair's Outlook
    A sharp decrease in the value of the Euro on Thursday followed a surge that took place a day before, following the Federal Reserve meeting. EUR/USD dropped below 2003 low and monthly S3, but was surprisingly stopped by the weekly pivot point at 1.0621. Despite all, this level is currently attempting to push the common currency back upwards. However, considering a dense supply area around 1.0750, an advance above this level in highly unlikely, while depreciation seems more realistic at the moment. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 48% this morning, a rise of one percentage point from yesterday, while pending orders to buy the Euro dropped from 55% to 38%.

    © Dukascopy Bank SA

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