Dukascopy_Analyst

EUR/USD is slowly trending downwards

FX_IDC:EURUSD   Euro / U.S. Dollar
19 0 0
"On those occasions where the U.S. dollar does dip, people are prepared to step in, but they don't want to drive it any further from here."
- ANZ Bank New Zealand Ltd. (based on Bloomberg)

Pair's Outlook
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 Bollinger band 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.

Traders' Sentiment
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%.
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