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    EUR/USD risks declining to 1.13

    © Dukascopy Bank SA
    "The recent gains in the value of the EUR are likely to have been a source of concern for ECB policymakers."
    - Rabobank (based on WBP Online)

    Pair's Outlook
    Bears continued to dominate the EUR/USD currency pair on Friday. The cross declined by additional 30 pips to reach the 1.1345 mark by the end of the session. This event exposes the next demand area around 1.13, which is guarded by the 20-day SMA and weekly S1 at the moment. A failure here would imply an additional slump towards 1.1240 (monthly PP; weekly S2; 55-day SMA). We expect the weekly pivot point and monthly R1 at 1.1392/95 to weigh on the Euro in the near term, despite daily technical indicators being bullish on the matter.

    Traders' Sentiment
    SWFX sentiment remains bearish in 57% all of cases, while the majority of pending orders in 100-pip range from the spot price is positive (53%).

    © Dukascopy Bank SA

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