© Dukascopy Bank SA
Recently, the major level at 0.79 was approached; however, since then the pair has declined. At the time, when the mark was touched, the Euro was not ready for a bullish break-out, thus a retreat followed. Actually, the situation has not changed much, there are still no conviction that the pattern could be breached to the upside. Moreover, the majority (57.85%) of the SWFX market participants expect a decline; therefore, increasing the scepticism against the pair.
© Dukascopy Bank SA