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    EUR/USD risks declining from up-trend

    © Dukascopy Bank SA
    "All the forecasts were very, very aggressively tilted toward more dollar strength, and it's not clear at all that we're getting that."
    - OppenheimerFunds Inc. (based on Bloomberg)

    Pair's Outlook
    EUR/USD is now placed near the upper edge of the bullish channel pattern in the daily chart. This resistance, at 1.1370, is accompanied by the weekly R1. From here a slide is possible over the next 24 hours, as the bears are watching the monthly R3 at 1.1246 as immediate target, followed by the monthly R2 at 1.1115. Alongside, a spike above the three-month uptrend will expose the Sep high and weekly R2 at 1.1460 and 1.1504, respectively. Signals among technicals remain mixed, as daily ones are bullish and weekly studies are mostly on the "sell" side. 

    Traders' Sentiment
    The share of bulls went up to the highest level in five working days of 42%. Alongside, commands in both shorter and longer-ranges are equally divided between the long and short SWFX traders.  

    © Dukascopy Bank SA

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