EUR/USD picks up above 1.13

Source: Dukascopy Forex Technical Analysis and Forecasts May 13, 2015 at 1:15 PM 132 0

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"Another solid outcome is a necessary, but not sufficient, condition to keep the 2015 hike talk alive."

- NAB (based on Reuters)

Pair's Outlook

From the first attempt, the single European currency failed to penetrate an important resistance area above 1.12. Represented by 100-day SMA and weekly PP, these technical levels tried to decrease the bullish pressure. However, on Wednesday morning the pair inched higher above them. In case EUR/USD remains upbeat, bulls will then pay attention to recent highs at 1.1390, which are accompanied by the weekly R1. 

Traders' Sentiment

The gap between long and short positions remains well-pronounced in favour of the latter, as blls are currently keeping just 46% of all positions. Commands to buy the Euro against the US Dollar in 100-pip range from the spot price have plummeted by 21% to 44%.

© Dukascopy Bank SA