© Dukascopy Bank
"It seems the market has confidence in it [forced Greek debt restructuring], and it's allowed the euro to continue to do well"
- Credit Suisse (based on WSJ)
Industry outlook
EUR/USD has been able to extend its rally from 1.3087 due to the absence of formidable resistances on its path. However, a level at 1.3322/50 is unlikely to give in, thus keeping long-term bearish bias intact.
Traders' sentiment
Market participants are considerably much more bearish on EUR/USD than yesterday. 68% of orders are sell, whereas 32% are buy.
Long position opened
Largest brokers set a new long position target as a break of 1.3332 is an encouraging bullish sign en route to 1.3388. If the uptrend remains, the third target for intraday trading will be 1.3487.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 1.3177. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 1.3078 and 1.3022.
© Dukascopy Bank