Dukascopy

EUR/USD faces monthly R1

FX:EURUSD   Euro Fx/U.S. Dollar
52 0 0
"The ECB is saying ‘we're not putting a limit on QE             , we're not stopping until we achieve our objective.' If they don't do anything, the balance sheet still expands."
- Standard & Poor's (based on Bloomberg)

Pair's Outlook
The immediate resistance is at 1.14, represented by the upper Bollinger band and monthly R1. The base scenario is EUR/USD             bouncing off this level, but we should not rule out a possibility of a rally to the September high, especially considering that the weekly technical indicators continue to give more ‘buy' signals than ‘sell' ones. Meanwhile, most of the monthly studies are bearish , meaning in the long run we are likely to see a re-test of the major rising support line, which currently is at 1.11 dollars.

Traders' Sentiment
The gap between the bulls and bears widens. The difference in favour of the latter increased up to eight percentage points. On the other hand, the share of buy orders rose from 58 to 61%.
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