EUR/USD capped by 1.2990/61

EUR/USD capped by 1.2990/61

'The downward pressure on the pair is likely to increase as we head into the weekend and the 1.2850 support line may tested.' - BK Asset Management (based on MarketWatch)

Pair's Outlook

It is almost certain now that EUR/USD will be unable to close the bearish gap this week, as the single currency is being heavily sold off. In order for the currency pair to turn bullish in the medium term it will have to penetrate a too strong to handle now resistance area that stretches from 1.2990 to 1.2961 and consists of the accelerated bearish trend-line, 20 and 200-day SMAs and the weekly pivot point. Accordingly, the outlook on the price is negative until a key support level at 1.27 is reached.

Traders' Sentiment

The difference between the amounts of long (49.6%) and short (50.4%) positions is minimal at the moment, giving us no indication of traders’ current preferences. Pending orders are neutral as well at the moment, 49% of them are buy and the rest 52% are sell