- Pacific Investment Management Co. (based on Bloomberg)
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 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 and weekly R1.
Only 39% of all SWFX positions are in the morning on April 8, no change over the previous trading session. Meanwhile, orders set in the range of 50 pips from the spot dropped from 59% to 41%.