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    EUR/USD prepares for gains, FOMC minutes loom

    © Dukascopy Bank SA
    "We'd feel more confident in calling a top in the dollar if it had risen more to match prior cycles. The dollar's uptrend has another year, or more, to go."
    - Standard Bank Group (based on Bloomberg)

    Pair's Outlook
    Friday's wide trading resulted in no gains for both sides of the market. EUR/USD attempted to grow to 1.1440 and decline as low as 1.1340, but ultimately a small green candle confirmed that the pair added only 11 pips over the day to end it near 1.1389. Odds are biased in favour of the bulls this week, as the weekly R1 (1.15) along with the October 2015 peak are opened to testing. There are no intermediate resistances on the pair's way up. Moreover, the aggregate signal provided by daily technical indicators is positive for the Euro zone's currency.  

    Traders' Sentiment
    Only somewhat more than 41% of traders in the SWFX market estimate that the Euro is going to appreciate against the world's main reserve currency.  As for future orders placed on this currency pair, more than 60% of them are going short on the Euro against the Dollar. 

    © Dukascopy Bank SA

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