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    EUR/USD closes Wednesday session below 1.11

    © Dukascopy Bank SA
    "The euro is in the phase where investors want to assess the real state of the economy, rather than speculating on it, as for the U.S."
    - Sumitomo Mitsui Banking Corp. (based on Bloomberg)

    Pair's Outlook
    EUR/USD declined for a third consecutive day on Wednesday, even though losses were limited after FOMC minutes. At first, the US Dollar appreciated to reach the May 5 high at 1.1060, but pared gains later during the trading and the cross closed just below 1.11. At the same time, bears are now targeting the monthly PP at 1.10, a close below which will negate the short-term bullish outlook and refocus attention to the downside.

    Traders' Sentiment
    The gap between long and short positions remains biased in favour of the latter, as bulls are currently keeping only 47% of all opened positions. Meanwhile, the commands to buy the Euro against the US Dollar in 100-pip range from the spot plunged to 42%.

    © Dukascopy Bank SA

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