Dukascopy

EUR/USD ends another session in limbo

FX:EURUSD   Euro Fx/U.S. Dollar
38 0 1
"We believe the strong-dollar trend we've seen over the last couple of years has come to an end."
- Pacific Investment Management Co. (based on Bloomberg)

Pair's Outlook
Since last Friday neither bulls nor bears have managed to take market in hand. Yesterday was a turbulent day, as the spot ranged from 1.1340 to 1.1455. However, ultimately the pair has been barely down by 22 pips over the whole day. Fresh daily and weekly technical indicators estimate a bullish correction. We tend to maintain a positive outlook as well, because there are many obstacles to limit a slump of the Euro             and the first one is the weekly PP at 1.1326. The primary resistance we are looking at is the October peak at 1.15, which is boosted by the Bollinger band and weekly R1.

Traders' Sentiment
Only 39% of all SWFX positions are bullish in the morning on April 8, no change over the previous trading session. Meanwhile, bullish orders set in the range of 50 pips from the spot dropped from 59% to 41%.
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