EUR/USD set to attack 1.1320 for second time

FX:EURUSD   Euro Fx/U.S. Dollar
122 0 5
"Going up is hard to do, but the dollar will go up."
- Goldman Sachs (based on Bloomberg)

Pair's Outlook
The bulls failed at the multi-month downtrend line (1. 1320             ) on Friday and were thereby forced to commence a correction to the 1.1260 area. The first major support for this week is placed some 40 pips lower between 1.1223 and 1.1227 where the weekly pivot point coincides with the monthly R1. Given mixed aggregate daily technical indicators and bullish weekly ones, we foresee no immediate violation of this zone. Rather opposite, the market should give a chance to test 1. 1320             once again, but another setback will put any potential recovery at risk.

Traders' Sentiment

Both 50 and 100-pip pending orders are still set to acquire the Euro             is exactly 52% of all cases, no shift from Friday. As for the distribution between long and short positions already opened in the SWFX market, here the latter (59%) substantially outpace the former (41%).
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