Dukascopy

EUR/USD: Friday's range bound outlook unchanged

FX:EURUSD   Euro Fx/U.S. Dollar
58 0 2
"Fed officials generally looked to share views that they need to maintain a rate hike path given a U.S. recovery."
- Samsung Futures (based on Reuters)


Pair's Outlook
Trading volume on Friday dropped to even lower levels than during the pre-Christmas season, but it failed to raise volatility of the EUR/USD             cross. It is broadly flat between 1.1160 and 1.1180, meaning the short-term forecast has not changed very much over the weekend. We see subdued trading activity on Monday as well, due to Bank holidays in many countries. The key primary support is the 38.2% Fibonacci retracement of the earlier March rally at 1.1145 and the 20-day SMA at 1.1141. A fall below here is unlikely, as the weekly S1 is offering another demand above 1.11.

Traders' Sentiment
Over the weekend we have seen no huge swings from any side to another, as SWFX short traders are holding a 10 pp majority over their long counterparts.
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