EUR/USD to challenge 23.6% Fibo

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We think it is still possible for the Fed to start tightening in the first half of next year. As the market re-examines the timing, the dollar is still expected to rise against the euro and yen over three-to-six months."
- Nomura Holdings (based on Bloomberg)

Pair's Outlook

EUR/USD respected an accelerated up-trend that connects the lows seen on Oct 6 and 15, and the pair is now moving higher. The support at 1.2750 was also reinforced by the weekly PP and 2013 low. However, the upside potential of the Euro should be limited by the resistance between 1.2890 and 1.2850, which is created by the weekly R1, 55-day SMA and 23.6% Fibonacci retracement of the May-Oct down-move.

Traders' Sentiment
There has been a slight shift in favour of the short positions, as their share went up by two percentage points. Nonetheless, the difference between the amounts of the bulls (47%) and the bears (53%) remains insignificant.
© Dukascopy Bank SA
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