Dukascopy

EUR/USD remains in vicinity of 1.11

FX:EURUSD   Euro Fx/U.S. Dollar
55 0 0
"The euro             will continue to decline because the ECB has more ammunition" to carry out stimulus."
- Toronto-Dominion Bank (based on Bloomberg)

Pair's Outlook
Downside risks for the Euro             are on the table, considering that EUR/USD             has tumbled for a fifth day in a row on Thursday. The bears are still unable to penetrate the 1.11 support area, with gains contained mainly by the weekly S1 and 20-day SMA . From here we foresee a rebound on Friday, even though the first formidable resistance at 1.1238/46 (weekly PP; monthly R3) seems to be out of reach over the next 24 hours. Alongside, a drop below 1.1098 will put at risk the 200-day SMA (1.1049) and success here will expose the three-month uptrend at 1.0923.

Traders' Sentiment
For a third consecutive day the advantage of the short market participants over long traders is unchanged at ten percentage points, while orders are also slightly bearish (52-53%) on the Euro             .
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