© Dukascopy Bank
- Mizuho Financial Group Inc. (based on Bloomberg)
Industry outlook
Even though the current rally may extend up to 1.2933, the long-term outlook remains negative for the pair. As soon as bullish momentum weakens near one of the resistances, EUR/USD will dip down 1.2530/88 while en route to 1.2083.
Traders' sentiment
Traders' sentiment is neutral on EUR/USD, since the amount of long and short trades is almost equal, currently constituting 51 and 49 per cent of all the trades, respectively.
Long position opened
Largest brokers set a new long position target as a break of 1.2873 is an encouraging bullish sign en route to 1.2932. If the uptrend remains, the third target for intraday trading will be 1.3019.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.2727. In case of downtrend continuation, the pair might rebound from the S2 at 1.2640 or S3 at 1.2581.
© Dukascopy Bank