Dukascopy_Analyst

EUR/USD skyrockets 230 pips to reach 1.1150

FX:EURUSD   Euro Fx/U.S. Dollar
60 0 1
"The dollar's weakness looks like a correction in its multi-year bull trend given the Fed is still more likely than other major central banks to tighten rather than ease monetary policy this year."
- Royal Bank of Scotland (based on Bloomberg)

Pair's Outlook
Poor services data from the US hit the Dollar on Wednesday. EUR/USD             touched the highest level since October, while crossing several crucial resistances. Those included 100 and 200-day SMAs at 1.0958/1.1052. Additionally, it erased Dec-Jan and Aug-Oct downtrends. The pair should trade above 200-day SMA on Thursday in order to confirm medium-term bullish expectations. The key short-term supply is also represented by weekly R3/monthly R2 at 1.1115. Success here will push odds in favour of a spike to monthly R3 at 1.1246 and Sep 2015 high at 1.1460 in the long-term.

Traders' Sentiment
The portion of long positions went up to 45% (41% yesterday). On top of that, 60% of all pending orders are presently set to buy the 19-nation currency in a 100-pip range from the spot.
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