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    EUR/USD approaches support up-trend

    © Dukascopy Bank SA
    "The euro came under pressure but the magnitude of its decline was nominal compared to other major currencies because of risk aversion and the fact that $1.10 is being defended aggressively." 
    - Kathy Lien, BK Asset Management (based on CNBC) 


    Pair's Outlook 
    EUR/USD retains potential to go lower from here. There are still 40-50 pips left until the probable turning point. The 1.0972/51 demand area consists of several notable levels, including the lower bound of the ascending channel, 100-day SMA, and monthly R1. In case it holds, the target for the next month will be the October 2015 high at 1.15. However, if the price keeps falling nonetheless, we are likely to see a test of the late January lows around 1.08 dollars. 

    Traders' Sentiment
    Although the percentage of bullish market participants increased, the sentiment remains neutral. At the moment, 52% of positions are long and 48% are short. The distribution between the buy and sell orders is similar, only 48% of commands are to buy and 52% to sell.
    © Dukascopy Bank SA

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