- Bank of Tokyo-Mitsubishi UFJ (based on MarketWatch)
Daily technical indicators assume the EUR/USD currency pair will come under a heavy selling pressure on Wednesday when the ECB's two-day meeting starts. Yesterday the cross was denied by the 200-day at 1.1043. The bears are setting eye on the demand cluster at 1.0974/58 where the 55-day and weekly support each other. Failure here would allow for a loss down to 1.09 over the next 24 hours (100-day and weekly S1), followed by the February low at 1.0809 in the long run.
Driven by pending commands yesterday, the total number of long SWFX traders rose to 49% by Wednesday morning. As for pending orders themselves, today 51-54% of them are back set to go short on the common European currency against the Buck.