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EUR/USD is pushed down by 100-day SMA

© Dukascopy Bank SA
"The risk may be swinging back to downside in the euro. Current levels are a decent place to establish a short position anticipating strength in the dollar and U.S. rate hikes towards the second half of the year." 
- Royal Bank of Scotland Group Plc. (based on Bloomberg)

Pair's Outlook
After touching the previous week's high at 1.1392, the EUR/USD currency pair was sent considerably to the downside. The Euro is now declining for a third consecutive day on Monday, with trading levels located below 1.1150. Despite that, the price is still remaining above the 20-day SMA at 1.1044 and Mar 26 high at 1.1052. While the pair is hovering above these two supports, there is a good chance of recovery in the near-term. 

Traders' Sentiment
Bulls are currently in the minority with only 44% of all opened positions at the SWFX market.  At the same time, pending orders to buy the Euro currency against the US Dollar in 100-pip range from the spot added 1% over the weekend to stay at 49% this morning. 

© Dukascopy Bank SA


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