- Rabobank International (based on Bloomberg)
EUR/USD became increasingly turbulent after the US session began yesterday. From daily highs, the pair dipped about 75 pips to close at 1.0919. As a result of this move, the weekly was penetrated, while the main support at 1.09 is offered by 55/20-day , weekly S1 and monthly R1. Hence, the Euro has a good chance of getting a reliable momentum from this . In the meantime, the gains are still estimated to be contained around 1.10 ( ; weekly R1, 50% Fibo).
The bears continue outperforming bulls in terms of open positions by a margin of 57% to 43%. However, for now only 35% and 43% of the pending commands are set to acquire the Euro in 50 and 100-pip ranges from the spot, respectively.