Dukascopy_Analyst

EUR/USD tries to recover from 1.08

FX:EURUSD   Euro / U.S. Dollar
253 0 0
"After ECB, we think downside is again compelling, in particular since the ECB so quickly signalled the possibility of renewed easing."
- Goldman Sachs (based on Bloomberg)

Pair's Outlook
Bears approached the market on Friday, following earlier ECB comments about possible policy changes in March. EUR/USD             dipped below 55-day SMA and monthly PP             to close the week just under 1.08. In the Asian session on Monday, however, it attempts to regain strength and come back into the triangle pattern . If successful, it will reestablish our mild positive view towards the pair with a possibility to extend a rally up to 1.0950-1.10 area in the mid-term. In case EUR/USD             stays below 1.08 today, the focus will turn to 1.0723 (weekly S1) for the next 24 hours and 1.0521 (recent low) for the long run.

Traders' Sentiment
SWFX bears remain in the majority of 54% for open positions, as do the pending orders in both 50 and 100-pip ranges from the spot.
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