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    EUR/USD retreats despite Greek deal

    © Dukascopy Bank SA
    "The dollar will be on a strengthening trend against the euro."
    - M&G Investments (based on Bloomberg)

    Pair's Outlook
    Initially, the EUR/USD surged noticeably on Monday after the deal with Greece was reached. However, later in the day the Euro lost steam and plunged down to 1.10, thus bringing daily fluctuations up to 200 pips. A recovery is possible in the short-term, and bulls will attempt to recover above 100-day SMA at 1.1019. However, the medium-term outlook remains bearish, while a close below 1.0973 (weekly S1) will open the doors towards the recent low at 1.0916 (Jul 7), followed by the monthly S1 at 1.0875. 

    Traders' Sentiment
    Sentiment among SWFX market participants has been hovering around 50% for a fifth consecutive day, while the share of bulls regained 3% it lost during the weekend, up from 48% to 51% today. 

    © Dukascopy Bank SA

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