EUR/USD to challenge monthly R3 at 1.1246

FX:EURUSD   Euro / U.S. Dollar
68 0 0
"The bigger-picture trend in terms of dollar/yen and euro/dollar is very much complicit with risk appetite turning once again lower after a relatively lackluster session with large parts of Asia out."
- Canadian Imperial Bank of Commerce (based on Bloomberg)

Pair's Outlook
EUR/USD             turned around yesterday, as rising market instability raised attractiveness of the Euro             and sent the pair back to 1.12. The monthly R2 at 1.1115 acted as a reliable support line and managed to avoid a deeper sell-off. The bulls are watching the monthly R3 at 1.1246, which has not been overcome yet. A spike above here will neutralize our outlook on EUR/USD             , meaning we continue to see correction as the base case. Intraday losses are possible in the direction of the monthly R2, and a failure here should alleviate any bullish pressure to allow for a drop down to weekly PP at 1.1072.

Traders' Sentiment
62% of all market participants continue betting on a drop of the Euro             against the Dollar, even though 67% of pending orders are set to acquire the European currency in the 100-pip range from the spot.
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