Dukascopy

EUR/USD is inching higher towards 55-day SMA

FX:EURUSD   Euro Fx/U.S. Dollar
63 0 0
"The euro             is at a level where it's cheap enough. There's no justification to try and manipulate it even lower, but that doesn't mean Draghi won't do it."
- Santander (based on Bloomberg)

Pair's Outlook
EUR/USD             performed in a confident up-trend on Monday, although the day brought very few fundamental drivers. The pair closed above the weekly pivot point and approached the 55-day SMA at 1.0933. However, this level remains untouched for the time being. According to the daily technical indicators, the Euro             should continue growing in the next 24 hours. An increase above the 55-day SMA will expose the 1.1041 mark, namely the 200-day SMA . On the other hand, inability to develop strongly beyond 1.09 may result in a correction and a sell-off back in the direction of 1.08.

Traders' Sentiment
The share of the SWFX bulls was curbed by one percentage point to 45% by Tuesday. On the other hand, pending orders to acquire the Euro             vs Greenback have improved to 47-48% since yesterday.
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