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- Barclays Plc (based on Bloomberg)
Pair's Outlook
The single European currency managed to breach a considerable support line, represented by October low at 1.25, but bounced back in the beginning of Thursday. If today the pair closes below this level, then a decline down to 1.2376 will be highly estimated. Otherwise, the Euro may commence a recovery, which is the less likely scenario, taking into account rather bearish technical indicators on the EUR/USD cross and its overall bearish trend.
Traders' Sentiment
Distribution between long and short positions on this currency pair improved since yesterday, as now 54% of all traders are ready to acquire the Euro. Pending orders, however, changed just a little, with 52% of them set to buy the single currency in 100-pip range.
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