Dukascopy - Analytics

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    EUR/USD keeps trading in tight range

    © Dukascopy Bank SA
    "What actually changed the euro was that banks have a lending survey and for October it was very positive - only pointed out positives and so there's no need for the European Central Bank to increase quantitative easing."
    - Tempus Consulting (based on Reuters)

    Pair's Outlook
    Attempts to grow were undertaken by the EUR/USD currency pair on Tuesday. However, the momentum used to be weak enough in order to resume testing the closest resistance at 1.1392/95 (weekly PP; monthly R1). Therefore, the pair remains in limbo between the mentioned supply and support at 1.13 (20-day SMA; weekly S1). Even though daily indicators continue pointing strongly upwards, our short term expectation is fairly neutral with respect to EUR/USD for the moment.

    Traders' Sentiment
    The share of SWFX bullish open positions is unchanged at 45%. Meanwhile, percentage of pending orders to buy the Euro against the US Dollar in 100-pip range from the spot recovered back above the 50% threshold to reach the 55% mark.

    © Dukascopy Bank SA

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