- Westpac Banking Corp (based on Bloomberg)
Continuous worries about global economy helped the Euro in gaining more strength on Tuesday. EUR/USD penetrated the last monthly resistance line (monthly R3) at 1.1246 and closed the daily session near 1.13. Now the focus turns to the first weekly supply at 1.1330, which is guarded by the upper at 1.1344. A rally above here will imply extra optimistic sentiment, while core attention will then switch to the September 2015 high at 1.1460. Meanwhile, the move up is backed by aggregate daily technical indicators.
Yesterday the bulls regained only one percentage point to push their portion up to 39%. Meanwhile, share of pending orders declined to 47-48% in both 50 and 100-pip ranges from the spot.