EURUSD is still trading in a narrow range, which is partly explained by the long-term triangle pattern. On Monday, the Euro continued hovering around the down-trend around 1.2450, which is strengthened by monthly pivot point and 20-day SMA. Therefore, we expect the Euro to lose value on Tuesday and cross the weekly pivot point at 1.2447, which will open the way down to this year’s low at 1.2360, in order for the pair to reach it in the medium-term.
It seems that advantage of bulls over bears is not the case anymore, as now there are only 48% of long positions on the single currency (54% yesterday). Pending orders, however, improved significantly to stay completely neutral in 100-pip range from the spot price.
|EURUSD Pivot Levels||Pivot||Woodie||Fibonacci|
The GBPUSD cross is strongly supported by the 55, 100 and 200-period SMAs around the 1.57 level. For now it is still unclear whether it will be enough to push the pair above the down-trend’s resistance line that is located around 1.5741. However, if the previously mentioned supports fail to keep the pair afloat then the pair most likely will test this years low once again, since the daily and weekly technicals are bearish.
The sentiment towards GBPUSD improved by 8% and a majority of the market participants are still expecting the British currency to outperform the Greenback, namely 63% of them. In the meantime, the share of sell orders slipped from 74% to 67%.
|GBPUSD Pivot Levels||Pivot||Woodie||Fibonacci|
USDJPY struggled to remain above 118 level yesterday; however, with a help of the weekly PP and 100/200-period SMAs the US Dollar is still trading above the trend-line. Now the pair is climbing towards another major level at 119 and we think that the pair might be ready to surpass it, even though yesterday it failed to do so. The bullish daily PP will be a helpful hand to leave the 119 level behind.
More traders than yesterday consider the dip in USDJPY to be undervalued; however, the sentiment still remains neutral. Accordingly, the share of long positions grew from 51% up to 53%. The distribution between the buy and sell orders is more stable than yesterday—58% and 42% respectively.
|USDJPY Pivot Levels||Pivot||Woodie||Fibonacci|
|USDCHF Pivot Levels||Pivot||Woodie||Fibonacci|