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    EUR/USD ready to test up-trend at 1.0940

    © Dukascopy Bank SA
    "Markets expect something to happen, without having a clear idea of what it might be. It's kind of this blind faith that the ECB will deliver something."
    - Jefferies International Ltd. (based on Bloomberg)

    Pair's Outlook
    EUR/USD neared the 2016 uptrend line at 1.0925 on Friday and managed to stay afloat above this key support. We are closely watching all developments around this demand, while any failure is highly likely to result in a drop down to the monthly pivot point at 1.0841, which is reinforced by the first weekly support 11 pips from the North. On the side of the bears, daily technical studies are mostly pointing to the downside this Monday morning. In the meantime, a spike past 55-day SMA (1.0969) should re-expose 200/20-day SMAs at 1.1045.

    Traders' Sentiment
    Bullish SWFX traders are holding a minimal two pp advantage over the bears for a second day in a row. Adding to that, about 55-58% of all pending commands are set to sell the Euro versus the Greenback. 

    © Dukascopy Bank SA

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