© Dukascopy
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- Rabobank (based on Reuters)
Industry outlook
Provided that a tough resistance area has hold the pressure from below, the bias for EUR/USD remains bearish. The short-term, mid-term and long-term targets are located at 1.3381/60, 1.3145 and at 1.20 respectively.
Traders' sentiment
Traders' sentiment continues to fluctuate within a narrow corridor in EUR/USD. At the moment long positions constitute 46.38% of the market, whereas short positions are held by 53.62% of traders.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3872. The breakout of this level will pave a way for a bullish run up to 1.3920 and then to 1.4043.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.3750. In case of downtrend continuation, the pair might rebound from the S2 at 1.3676 or S3 at 1.3553.