EUR/USD faces tighter trading ranges
"Although the downside risks have diminished since earlier in the year, I still judge the balance of risks to my inflation and growth outlooks to be tilted slightly to the downside."
- New York Fed President William Dudley (based on Reuters)
Pair's Outlook
EUR/USD was consolidating in a very narrow range last week, which makes the technical setup neutral for the upcoming working week. Weekly pivot points are placed much closer to each other, meaning now the major 1.15 resistance (October 2015 high) is safeguarded by the weekly R1 at 1.1457. The weekly S1 is in turn located at 1.1329, followed by the 20-day SMA at about 1.1294. A break-out from any of these zones should raise volatility. Meanwhile, both daily and weekly aggregate technical studies suspect the break-out will happen in the upward direction.
Traders' Sentiment
For a third consecutive working day the total percentage of bullish SWFX positions is flat at just 39%. Pending orders are also bearish in both short and long ranges from the spot.
- New York Fed President William Dudley (based on Reuters)
Pair's Outlook
EUR/USD was consolidating in a very narrow range last week, which makes the technical setup neutral for the upcoming working week. Weekly pivot points are placed much closer to each other, meaning now the major 1.15 resistance (October 2015 high) is safeguarded by the weekly R1 at 1.1457. The weekly S1 is in turn located at 1.1329, followed by the 20-day SMA at about 1.1294. A break-out from any of these zones should raise volatility. Meanwhile, both daily and weekly aggregate technical studies suspect the break-out will happen in the upward direction.
Traders' Sentiment
For a third consecutive working day the total percentage of bullish SWFX positions is flat at just 39%. Pending orders are also bearish in both short and long ranges from the spot.
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