Dukascopy

EUR/USD nears third monthly resistance line

FX:EURUSD   Euro Fx/U.S. Dollar
265 0 1
"Expectations are growing by the day that the Fed will not hike again this year given the weaker growth picture and tightening financial conditions."
- Bank of New Zealand (based on Bloomberg)

Pair's Outlook
European common currency continued rallying versus the Greenback on Thursday, by adding 104 extra pips to end the American session at 1.1207. Bottom line: the EUR/USD             cross managed to consolidate above 200-day SMA and violated the closest resistance at 1.1115 (weekly R3; monthly R2). Now the focus is turning to the last February monthly supply level at 1.1246, which is only followed by Sep 2015 high at 1.1460. We are watching US payrolls very closely, and a miss of an average forecast should see the pair climbing above the monthly R3.

Traders' Sentiment
Bullish side of open positions advanced by three percentage points to 48% this morning, while pending orders are staying above the 50% threshold for a second day in a row.
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