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EUR/USD reverses bullish trend

© Dukascopy Bank SA
"The euro did have a nice April -- we're seeing some signs of improvements -- but activities are still subdued, especially compared to what we expect in the U.S."
- Wells Fargo & Co. (based on Bloomberg)

Pair's Outlook
After strongly upbeat movement of EUR/USD last week, as can be clearly observed on a weekly chart, this week the pair seems to be edging lower on correction. Fuelled by 100-day SMA, the Euro leaves the risk of being pushe11d down below 1.11 in the near-term. This support, in case of a violation will refocus the main target at 1.10 (monthly PP). However, in the medium-term the pair remains biased in favour of a cautious recovery, especially if it manages to close above 1.1270 eventually. 

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 44% of all opened positions. 

© Dukascopy Bank SA


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