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EUR/USD extends gains above 1.13

© Dukascopy Bank SA
"When the Fed decides it's time to begin raising rates, these term premiums could move up and we could see a sharp jump in long-term rates. So we're trying to ... communicate as clearly about our monetary policy so we don't take markets by surprise."
- Janet Yellen, Fed Chair (based on Reuters)

Pair's Outlook
For the first time since February 26, EUR/USD went above the 1.13 mark, by eroding a considerable resistance represented by the 23.6% Fibonacci retracement of May-March downtrend move. Poor US ADP data resulted in a decline of the Buck against the Euro in the direction of weekly R1. Bulls are likely to give a try and sustain the pair's growth, while a closure above 1.1383 should pave the way towards 1.15 in the medium-term. Alongside, a short-term pullback is not off the table as well. 

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 40% of all opened positions.

© Dukascopy Bank SA


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