- Moody's Analytics (based on Bloomberg)
A dense and difficult resistance cluster ahead of the spot makes the mid-term scenario much more likely than the one. Short-term can be positive for the Euro , with gains having a chance to be extended up to Dec-Jan downtrend and 100-day at 1.0954/75. If it gets no correction from here, then EUR/USD will be estimated to fail near 200-day at 1.1053. Bears are determined to retake a Dec-Jan uptrend around 1.0840, followed by current January lows near 1.0715. A long-term focus is on the Dec low at 1.0521, as assumed by aggregate weekly/monthly indicators.
SWFX bears remain in the majority of 55% for open positions. At the same time, 50-pip pending orders surged yesterday from 47% to 57% and are now expecting gains for the Euro .