- ANZ Bank New Zealand Ltd. (based on Bloomberg)
Ignoring fundamentals, EUR/USD continued to underperform and closed below 1.0650 on Tuesday. As mentioned in our previous analysis 24 hours ago, the pair is aiming at April low for the moment, which is guarded by weekly S3, monthly S2 and lower at 1.0571/30. Moreover, an intermediate demand is represented by the weekly S2 at 1.0602. EUR/USD's decline can be fuelled by FOMC meeting minutes later on Wednesday, if they affirm Fed's willingness to hike rates in December.
Bulls are holding their share at 56% on Wednesday, the highest level in more than three months. Pending orders in 100-pip range from the spot price improved slightly, but bulls remain in the minority with only 40%.