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EUR/USD uncertain ahead of ADP employment

© Dukascopy Bank SA
"There's more room for euro depreciation against the yen than the dollar."
- Societe Generale (based on Bloomberg)

Pair's Outlook
EUR/USD showed no signs of volatile development on Monday, being that market participants are waiting for major fundamental impetus to come through in course of the second part of this week. The Euro is underpinned by the weekly pivot point at 1.0998, while one of the most important resistances is represented by the 7-month uptrend line at 1.1067. The bearish scenario seems more likely for the moment. Supported by daily technical studies, bears are targeting the 1.09 mark (Oct 28-29 lows) and a success here will expose the next demand area at 1.08.

Traders' Sentiment
Now the majority of open positions in SWFX market is held by bears (51%). Moreover, the number of long orders in 100-pip range from the spot continued to drop, down from 44% to 39% on a daily basis.

© Dukascopy Bank SA

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