- FXPrimus Europe (based on Reuters)
During the next few days EUR/USD is projected to develop sideways, owing to lack of fundamental drivers and low trading . The latter continued to fall down for a seventh consecutive day on Friday of the previous week when the trading session was very short. For the moment the pair is placed between the weekly (1.0932) and 50% of an Oct-Nov downtrend (1.1008). Without any shocks, the cross is highly likely to act within these boundaries in the next 24 hours.
There are more bears coming into the SWFX market, as their market portion increased from 56% to 57% since Thursday of the previous week. Meanwhile, 100-pip long pending orders gained ground over the weekend and rose up to 55% by Monday morning.