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    EUR/USD strengthens towards weekly PP

    © Dukascopy Bank SA
    "A lackluster report will damp expectations for an early rate hike and the dollar-selling trend will continue."
    - IG Markets Securities Ltd. (based on Bloomberg)

    Pair's Outlook
    On Thursday, the Euro continued gaining ground for a second day. EUR/USD rose significantly, by crossing the major resistance at 1.0811 (monthly PP). However, bullish momentum was exhausted around the weekly PP at 1.0902, which stopped the Euro from rising further. As a result, the cross closed just below 1.09 by the end of trading session. Being that the weekly PP is also reinforced by the medium-term down-trend around 1.0950, on Friday the pair may bounce back, if supported by optimistic US jobs' report. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 47% this morning, an increase of one percentage point during past 24 hours of trading. 

    © Dukascopy Bank SA

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