Dukascopy - Analytics


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    EUR/USD erased three-day losses

    © Dukascopy Bank SA
    "There was no obvious catalyst for the dollar pullback but USD losses coincided with a retreat in equity markets and lower U.S. front-end yields."
    - BNP Paribas (based on Reuters)

    Pair's Outlook
    EUR/USD failed to consolidate below the May low at 1.0818, therefore giving bulls a chance to push the pair back to the upside. They used this opportunity and sent the Euro as high as 1.0940, thus making a 100-pip rebound on a daily basis and erasing losses of three previous days. EUR/USD is now being capped by the weekly pivot point at 1.0949, while daily indicators are invariably remaining bearish. As a result, the near-term outlook will depend on the ability of longs to close the pair above the mentioned resistance. 

    Traders' Sentiment
    Sentiment among SWFX market towards EUR/USD dropped noticeably in the past 24 hours, by losing eight percentage points from 55% to 47%. 

    © Dukascopy Bank SA

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