EUR/USD approaches support cluster at 1.08

FX:EURUSD   Euro Fx/U.S. Dollar
100 0 1
"China worries calmed down, pushing up the dollar higher. Excessive worries have receded. If crude oil             prices regain much ground, the dollar may rise a bit more. But such a gain is still uncertain and investors still remain nervous."
- Tokyo Forex & Ueda Harlow (based on Market Watch)

Pair's Outlook
Yesterday neither bulls nor bears managed to gain control over the EUR/USD             cross, meaning the exchange rate ended American session with almost no change in daily value. Despite that, bearish sentiment seems to be prevailing in the market right now, as the pair is moving inside the channel down pattern. The closest support is offered by 55-day SMA and monthly PP at 1.0812/28, with another demand being placed at 1.0774/46 (weekly S1; Bollinger ). Successful testing of both areas is required in order to refocus market attention to much lower levels around 1.0650 (trend-line).

Traders' Sentiment
Bearish SWFX market sentiment is unchanged at 55%, while pending orders are swinging around 50% in both 50 and 100-pip ranges.
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