"They put a lot of caveats in their liftoff. It's a theme that may haunt the dollar." - FXCM (based on Reuters)
Pair's Outlook After FOMC meeting minutes said that a rate hike decision was "a close call", market participants decided to sell the Dollar on Wednesday. Gains are being prolonged on Thursday at the moment of writing, with EUR/USD attempting to attack the busiest resistance zone at 1.08. However, another obstacle is represented by 55-day SMA at 1.0836, followed by 20-day SMA at 1.0861. Within the bearish pattern, the pair is capable of growing as high as weekly R1 near 1.0950, while the medium-term forecast still remains bearish, as suggested by technical indicators on all time frames.
Traders' Sentiment The percentage bullish SWFX trades dipped from 43% to 41% by Thursday morning, while both 50 and 100-pip pending orders are still set to sell the Euro in more than 60% of all cases.
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Thought the liftoff had to do with the Chinese equity market opening down and circuit breakers activated a few times, which put pressure on Nikkei and the USDJPY.