EUR/USD Analysis: Extends streak of losses
|"Italy’s bonds fell for a second day, leading declines among Europe’s higher-yielding sovereign securities, as European Central Bank officials sought to temper investor expectations that they will extend stimulus measures. "
- Bloomberg
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Pair’s Outlook
EUR/USD opened red for the tenth session in a row, eyeing 1.0556, the bottom Bollinger Band – hourly channel bottom trend-line confluence. There is little possibility that a break below the area would allow to extend weakness underneath 1.0525, meaning that we should see some demand pressures distracting the downward motion. The movement is facilitated by SMA pressures from above, and is technically reasoned by the conclusive break below the bottom trend-line of the eight-month descending channel. -
Traders’ Sentiment
SWFX traders remain bullish on the pair, as 60% of open positions are long on Friday. A different trend emerges when we look at pending orders, as 68% of set up orders are to sell the pair.
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