Technical Analysis EUR/USD to stay beneath 1.35
Technical Analysis EUR/USD for August 4, 2014
Pair’s Outlook
Although the U.S. Dollar weakened because of the Friday’s data, none of the significant resistances have been broken, meaning the downward trend is likely persist nonetheless. Moreover, most of the daily and weekly technical indicators are pointing South. Even if the Euro extends the rally, as suggested by some of the monthly studies, there is a tough supply zone at 1.3500/1.3478 the currency is considered to be unable to break for now.
Traders’ Sentiment
While for some time the bullish market participants were growing in numbers, over the weekend their share dropped from 59% to 52%, making the difference between them and the bears insignificant once again.
Source: Dukascopy
