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    EUR/USD's local rally capped by 1.10

    © Dukascopy Bank SA
    "We have some positive domestic data, which should put upward pressure on the dollar, but you also have Greece passing the bailouts, which is causing some euro strength. They are almost competing forces."
    - U.S. Bank Wealth Management (based on Bloomberg)

    Pair's Outlook
    EUR/USD climbed to its weekly high on Thursday, by reaching the 1.10 mark, which is reinforced by 100 and 20-day simple moving averages. Moreover, the pair violated the weekly PP on its way to the north. Bulls got into long positions after a successful bounce off the May low at 1.0818, which currently acts as the most crucial support. Meanwhile, unless the 100-day SMA stays intact, the outlook is going to be unchanged and will suggest further losses for the Euro in the short-term.

     
    Traders' Sentiment
    Sentiment among SWFX market towards EUR/USD deteriorated on Friday, as the share of bullish open positions fell from 47% to 45% in the past 24 hours. 

    © Dukascopy Bank SA

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