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    EUR/USD erases 55-day SMA

    © Dukascopy Bank SA
    "They are looking to see the extent of the bounce back in activity. It leaves them in waiting mode."
    -  Deutsche Asset & Wealth Management (based on Reuters)

    Pair's Outlook
    Yesterday, the EUR/USD currency pair has eventually penetrated one of the most important short-term resistances, represented by 55-day SMA at 1.0926. The pair has therefore hit its highest level since April 6. Despite that, the Euro closed the trading day at 1.0962 and the next supply remains untouched at the moment. Still, EUR/USD is estimated by be capped by January low at 1.1027. However, in order to refocus attention to bears, the pair should return back at least below the monthly PP at 1.0811. 

    Traders' Sentiment
    Distribution between long and short positions at the SWFX market remains biased in favour of the latter, as bulls are currently in the minority with only 42% of all opened positions. 

    © Dukascopy Bank SA

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