Technical Analysis EUR/USD tests two-year up-trend
Technical Analysis EUR/USD for 16/07/2014
Pair’s Outlook
As suspected, EUR/USD failed to cross the resistance represented by the monthly PP, down-trend and 55-day SMA. As a result, the currency pair is now testing the support at 1.3568/54, created by the monthly S1 and two-year rising line. Despite the demand here, the sell-off may continue, but should have trouble pushing the price beneath 1.35, which has proven to be a reliable level in the past (in February and June).
Traders’ Sentiment
The sentiment towards EUR/USD remains neutral, as the difference between the shares of bullish and bearish market participants is currently negligible—only four percentage points (10 percentage points yesterday).
Source: Dukascopy
