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    EUR/USD encounters long-term downtrend

    © Dukascopy Bank SA
    "The next leg up for the dollar would have to come from dollar strength rather than euro weakness."
    - Amherst Pierpoint Securities LLC (based on Bloomberg)

    Pair's Outlook
    By piercing through the weekly R1 at 1.1373, the EUR/USD currency pair has approached the long-term downtrend line, which has been active since May of the previous year. This line is additionally strengthened by the monthly R1 at 1.1486 and February high at 1.1534. Only a closure above all of these levels will assure market in the pair's strong bullish potential. Still, weekly and monthly technical indicators are pointing to the south at the moment, pointing on risks for the recovery. 

    Traders' Sentiment
    he gap between long and short positions remains well-pronounced in favour of the latter, as bulls are currently keeping just 44% of all opened positions, no change from yesterday. 

    © Dukascopy Bank SA

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