Dukascopy

EUR/USD set to probe 1.13 again

FX:EURUSD   Euro Fx/U.S. Dollar
59 0 0
"Receding expectations for a Fed rate hike are making the dollar vulnerable. Both the yen and the dollar are pressured."
- Shinkin Asset Management (based on Bloomberg)

Pair's Outlook
The common currency was actively fuelled by support zone at 1.1241/20 on Thursday. It managed to bounce off the monthly pivot point , but gains used to be contained by the 50% Fibonacci retracement of the Jan-Mar 2015 downtrend at 1.1280. Still, an attempt to surge as high as 1.1328 was made, and we expect the bullishness to continue in the nearest future. Resistances to violate include the weekly R1 at 1.1304, and success here can send EUR/USD             up to the 1.14 area during the next week. This idea is supported by bullish weekly technical indicators.

Traders' Sentiment
The share of bulls fell from 49% to 47% in the past 24 hours, while long pending orders in 100-pip range from the spot price improved further from 54% to 58%.
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