EUR/USD lunges at 200-day SMA

FX:EURUSD   Euro / U.S. Dollar
83 0
"The contagion of a ‘Brexit' is spilling over to a full blown existential crisis for the eurozone: if Britain can renegotiate its status, why not anyone else?"
- Christopher Vecchio, DailyFX (based on MarketWatch)

Pair's Outlook
The Euro rebounded after it touched upon the formidable 1.0970/50 demand area. However, the 200-day SMA remains intact, and it still might not let the rate to exit this week's range. In case of a close above 1.1050, the rally will have a good chance of extending up to 1.1115, namely the monthly R2 level. In the longer-term perspective, EUR/USD is expected to recover to 1.14 dollars, which is the current level of the upper bound of the ascending channel .

Traders' Sentiment
The difference between the amounts of long and short positions is negligible—merely 2 percentage points, meaning the sentiment is neutral. As for the orders, the portion of commands to sell the single currency inched higher from 54 to 62%.
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