EUR/USD to break 1.29

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There's still a bit of uncertainty about what the Fed could be releasing. The trend is for the U.S. dollar to keep strengthening, because even if the Fed doesn't signal it now, they're still talking about an exit strategy and they're looking at raising rates at some point."
- St. George Bank (based on Bloomberg)


Pair's Outlook

EUR/USD seems to have formed a rising wedge pattern, which further implies depreciation of the European currency, along with the daily and weekly technical studies. However, in order to confirm its bearish intentions, the pair has to defeat the support at 1.29, represented by the monthly S2 and weekly S1, while at the same time stay beneath the resistance at 1.31. This will in turn expose the 2013 low at 1.2750.

Traders' Sentiment

The difference between the long and short positions is slowly but surely coming to naught, as it declined from 18 percentage points five days ago to 12 today. Meanwhile, the share of sell orders fell from 67 to 58%.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.