Dukascopy - Analytics

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    EUR/USD still below 1.10

    © Dukascopy Bank SA
    "Despite the heightened sensitivity to data, it is worth noting that the Fed's bar to rate hikes remains relatively low, suggesting that market overreaction to each data point is likely excessive."
    - TD Securities (based on WBP Online)

    Pair's Outlook
    EUR/USD traded in a soft downtrend on Monday, while overall this currency pair remained hovering below the 1.10 mark. The short-term outlook will be somewhat bearish, as long as the long-term downtrend/recent high around 1.11 stay intact. Additional pressure on bulls should be created by the monthly/weekly PP at 1.10. Bears are going to aim at the Jul 30 low near 1.0893, which is followed by the May/Jul low at 1.0818/08. On the other hand, daily and weekly technicals are neutral at the moment.
      
    Traders' Sentiment
    The share of bullish open positions in 100-pip range advanced from 53% to 55%. Long pending orders, however, dropped significantly from 53% to 36% during the past 24 hours.

    © Dukascopy Bank SA

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