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EUR/USD sets eyes on 23.6% Fibo

© Dukascopy Bank SA
"Despite recent market volatility and USD's divergent performance, the U.S. remains an attractive risk-adjusted investment destination over the medium term."
- Morgan Stanley (based on Bloomberg)

Pair's Outlook
Neither bulls nor bears managed to take control over the EUR/USD currency pair yesterday, as it was largely unchanged on a daily basis. On Tuesday, however, the common currency seems to be gaining value. In case testing of the new monthly pivot point (1.1262) turns to be successful, bulls are going to target the next interim resistance at 1.1295 represented by the 23.6% Fibonacci retracement of 2014-15 downtrend. The bullish scenario is also shared by the majority of daily technical indicators.  

Traders' Sentiment
The share of bulls rose from 44% to 46% yesterday. In the meantime, pending orders in 100-pip range from the spot price surged 11 percentage points to 61%.

© Dukascopy Bank SA

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