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- Credit Agricole (based on MarketWatch)
Pair's Outlook
EUR/USD has repeatedly tested a formidable support at 1.2456/29, confirming intentions of the currency pair to undergo a bullish correction, as indicated by most of daily technical studies. The rally, however, is expected to be shallow, given toughness of resistances that lie overhead. The initial level is located at 1.2570/99 and is reinforced by 1.2660/80.
Traders' Sentiment
Most of market participants (58%) are in favour of the stronger Euro, as they are currently holding long positions. The minority (42%), on the other hand, expect the single European currency to lose in value, even though it is the most frequently (73%) acquired relative to its major counterparts.
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