- Bank of Montreal (based on Bloomberg)
Neither the bulls nor bears have again gained any leadership in terms of driving the EUR/USD currency pair. It traded in a wide range between 1.0945 and 1.0830 yesterday, but nobody managed to close the session any near both of these levels. The pair keeps hovering slightly above 1.0860 today, while positive US fundamentals later in the day should expose 1.08 (55-day ; monthly PP), which used to be a reliable support earlier this week. A negative surprise, however, could result in a climb above the two-month trend-line at 1.09.
The share of long traders bounced back to 45% by Friday morning. Commands to sell the Euro against the Buck in 50 and 100-pip ranges were pushed as high as 61% and 54%, respectively.