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    EUR/USD bounces back from down-trend

    © Dukascopy Bank SA
    "To the extent that whatever movements in the dollar take place and then there's some level of stability, that change in import prices unwind."
    - Charles Evans, Chicago Fed President (based on CNBC)

    Pair's Outlook
    As expected, the EUR/USD failed to push itself through a major resistance area around 1.1050, comprised of monthly S1, weekly R1 and long-term downtrend line. Moreover, it seems that the latter level had the most impact on the pair yesterday. As a result, the common currency plunged below monthly S2 to reach 1.09. At the moment, there are no supports to energize the Euro until weekly PP at 1.0773; therefore, a decline towards this level can currently be expected to take place. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 43% this morning. Additionally, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot account for 39% .

    © Dukascopy Bank SA

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