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    EUR/USD hits May low; 2003 low next in line

    © Dukascopy Bank SA
    "The themes all remain very euro-bearish."
    - BNP Paribas (based on Bloomberg)

    Pair's Outlook
    Despite showing almost no movements on Monday, the EUR/USD cross managed to approach the May low at 1.0818, but failed to close below this level. A consolidation below this mark as soon as Tuesday will give a positive sign for bears to prolong the sell-off down to the 2003 low at 1.0762. This 12-year minimum coincides with the lower Bollinger band, thus creating a reliable medium-term support. Nonetheless, both daily and monthly indicators are still giving signals to sell the Euro versus the Buck. 

    Traders' Sentiment
    Sentiment among SWFX market towards EUR/USD stayed flat at 55% in the past 24 hours. Buy pending orders in 100-pip range from the spot are strongly bearish and account for just 34% of all commands.

    © Dukascopy Bank SA

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