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EUR/USD pared losses despite strong payrolls

© Dukascopy Bank SA
"Monetary divergence will underpin the sustainable dollar buying trend."
- Brown Brothers Harriman (based on Bloomberg)

Pair's Outlook
At first, markets pushed the most traded FX cross considerably downwards on Friday, with volatility provided by US labour market fundamentals. However, just before touching the Aug 5 low at 1.0848 the Euro bounced back and managed to regain around 100 pips by the end of Friday, closing the session below 20-day SMA at 1.0965. With technical indicators remaining mixed in short and mid-term, bulls are still aiming at recent highs/monthly PP around 1.10, while bears have the 1.0848 mark in their sights.  

Traders' Sentiment
Market sentiment declined, as the share of bulls fell from 50% to 47% over the weekend. Meanwhile, long pending orders in 100-pip range from the are back to the level of 40%.

© Dukascopy Bank SA


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