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EUR/USD erodes long-term resistance

© Dukascopy Bank SA
"The Fed meeting was deemed a bit more dovish than expected, so the U.S. dollar has taken a bit of a back seat."
- IG Ltd. (based on Bloomberg)

Pair's Outlook
EUR/USD managed to erase one of the strongest resistances on its way to the north. The pair eliminated the long-term downtrend line around 1.1340 and continued to move upwards, therefore violating the next supply 20 pips from above (monthly R1). In case the Euro consolidates above them and, especially, beyond the Jun 10 high at 1.1383, then the medium-term outlook will be changed to positive. Moreover, daily technical studies are pointing to the upside at the moment. 

Traders' Sentiment
The gap between long and short positions at the SWFX market has been stable for the ninth consecutive trading day, as bulls are still holding 47% of all opened positions. 

© Dukascopy Bank SA

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