EUR/USD heads towards 1.39

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The comments from ECB President Draghi reflect the fact that the ECB has become far more open in discussing the policy options available to them to tackle the threat of deflation."
- FxPro (based on MarketWatch)

Pair's Outlook

With certain difficulties, but EUR/USD seems to have finally overcome the monthly pivot point. Accordingly, there is a good chance that the upward momentum will persist until the currency pair reaches the major falling trend-line at 1.39. However, advancement beyond that point is unlikely, and the bullish signals, provided by the technical indicators, are not as prominent as several days ago.

Traders' Sentiment

Ahead of the weekend there are no changes observed in the distribution between the long (35%) and short (65%) positions open on EUR/USD. There are some fluctuations in the shares of pending orders, but insignificant.
© Dukascopy Bank SA
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