Dukascopy - Analytics

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    EUR/USD shows minor rebound from monthly low

    © Dukascopy Bank SA
    "Janet Yellen's remarks last Friday that she expected rates to rise this year and that the recent slowdown seen in Q1 is likely to be transitory, though some of the recent data seen from April does throw some elements of doubt into that belief."
    - CMC Markets (based on WBP Online)

    Pair's Outlook
    The EUR/USD pair attempts to recover at least some part of losses that have occurred since May 19. On Thursday, the cross jumped above the 55-day SMA nearest resistance line and closed just below 1.0950. However, any bullish movements are likely to be limited, unless the Euro closes above the monthly PP at 1.1003, as this move will change the short-term outlook to bullish. At the same time, the medium-term weakness is set to remain in place, while the bears' target is placed at 1.0740 (monthly S1). 

    Traders' Sentiment
    The gap between long and short positions remains insignificant at the moment, as bulls are keeping 48% of all opened positions, no change during the past 24 hours. 

    © Dukascopy Bank SA

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