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EUR/USD Analysis: Attempts To Climb Higher

‘The greenback, lower versus most of its G-10 peers, was down for a fourth day, with the Bloomberg dollar index nursing losses of about 0.2 percent after dropping to its lowest since April 26.’ – Alexandria Arnold and Dennis Pettit, Bloomberg

Pair’s Outlook

Tuesday ended with the EUR/USD currency pair breaching the ascending channel’s resistance line with ease, opening the door for more bullish potential. However, the Euro does have a rather tough resistance area on its path, represented by the upper Bollinger band, the weekly R2 and the 61.80% Fibo, while the second supply cluster lies around 1.12. On the other hand, we should not rule out the possibility of a bearish correction, which would preserve the channel pattern, as technical indicators are giving mixed signals today.

Traders’ Sentiment

There are 62% of traders holding short positions today, compared to 63% on Tuesday. At the same time, all pending orders became equally divided between the buy and the sell ones.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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