Dukascopy_Analyst

EUR/USD to end the week in tranquil trading

FX:EURUSD   Euro / U.S. Dollar
28 0 0
"He is going to pull a rabbit out of the hat -- we're just not sure what that rabbit will be. The euro             is going down heavily."
- BMO             Global Asset Management (based on Bloomberg)

Pair's Outlook
EUR/USD             continued to trade in a tight range on Thursday, owing to lack of major fundamental and technical drivers throughout the day. Closest support, namely the weekly S1 at 1.0586, is not considered as a very strong one. However, it may succeed in containing losses on Friday amid quiet end of the working week. Yesterday the total trading volume halved and reached the lowest level since May-end, which justifies current low turbulence in the FX market.

Traders' Sentiment
Bank Holiday in the US resulted in no change for distribution between bullish and bearish positions, which holds at 51-49%. As for the pending orders, 47% of commands are set to buy the Euro             in 100-pip range, down one percentage point from yesterday.
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