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    EUR/USD to target 2003 low this week

    © Dukascopy Bank SA
    "The euro's direction is probably still toward the downside."
    - Bank of Tokyo-Mitsubishi UFJ (based on Reuters)

    Pair's Outlook
    EUR/USD managed to close below the monthly S1 on Friday and reached the 1.0830 mark by the end of last week's trading. Therefore, the pair prolonged its losing streak to three consecutive days, thus falling 170 pips since Wednesday. The short-term outlook provides little encouragement for bulls, as the nearest support is located at 1.0795 (Bollinger band), which is followed by the 2003 low at 1.0762. Bears are going to aim at the latter level, and this scenario is also shared by aggregate indicators on a daily time frame. 

    Traders' Sentiment
    Sentiment among SWFX market participants worsened slightly over the weekend, as the share of bulls fell from 56% to 55%. 

    © Dukascopy Bank SA

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