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    EUR/USD reaches monthly PP resistance line

    © Dukascopy Bank SA
    "In the context of the ECB's ongoing 60 billion euro-per-month QE program -- and regardless of one's views on the likelihood of early Greek debt default and possible ‘Grexit' -- we suspect there will still be plenty willing to try shorting the euro."
    - National Australia Bank Ltd. (based on Bloomberg)

    Pair's Outlook
    EUR/USD's upside correction reached the monthly PP at 1.0811 on Friday. This level represents a strong supply area which is most likely going to push the single currency to the downside in the short-term. The pair should decline below 1.0724 for the bearish outlook to become confirmed, as it will allow the Euro to slump as low as 1.06 in next few days. In the meantime, negative outlook is supported by weekly and monthly technical indicators at the moment. 

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market remains positive at 53% in the morning on Monday, down one additional percentage point during past 72 hours. 

    © Dukascopy Bank SA

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