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- EUR/USD appears to be finding near-term resistance around 1.1180 (23.6% expansion) to 1.1210 (61.8% retracement), but the failure to retain the bearish RSI momentum carried over from May could stoke a larger rebound over the near-term as Greece takes further steps to secure its third bailout program
- At the same time, the Euro-Zone’s 2Q Gross Domestic Product (GDP) report may heighten the appeal of the single currency as the growth rate is expected to increase an annualized 1.3% following the 1.0% expansion during the first three-months of 2015, but the long-term outlook for EUR/USD remains bearish amid the divergence in the policy outlook.
- Nevertheless, DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-short EUR/USD since March 9, with the ratio approaching extremes as it slips to -2.62 as 28% of traders are long.