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    EUR/USD gets bullish momentum from 1.1115

    © Dukascopy Bank SA
    "If inflation is slower to return to target, monetary policy normalization should be unhurried."
    - Eric Rosengren, Boston Fed President (based on Bloomberg)

    Pair's Outlook
    EUR/USD was largely unchanged over Tuesday after two days of sharp losses. A sell-off is now being contained by the immediate cluster of supports at 1.1115/00. Here we have the monthly R2, which is guarded by the first weekly demand and 20-day SMA. We expect a recovery to take place shortly, given that daily technical indicators are also strongly pointing to the North. Moreover, in any case the bears are likely to fail at the 1.1052 mark represented by the 200-day SMA. The first bullish goal is intact – the 1.1238/46 area (weekly PP; monthly R3).

    Traders' Sentiment
    Advantage of short market participants over bullish traders returned to ten percentage points, while yesterday there was a 12 pp gap between them. 

    © Dukascopy Bank SA

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