© Dukascopy Bank
- RBS (based CNBC)
Industry outlook
Despite a breakout of 1.3204 (55 day ma), EUR/USD is still capped by a cluster of resistances at 1.3296/1.3305, which is unlikely to allow a rally to extend up to 1.3385. The nearest supports are at 1.3045 and 1.2995/1.3004.
Traders' sentiment
The gap between the bulls and bears has hardly widened on EUR/USD currency pair, to 4%. Therefore the traders' sentiment remains neutral.
Long position opened
The initial resistance level for intraday trading is 1.3244. Bulls might establish additional targets at 1.3272 and 1.3308 if the Euro appreciates more.
Short position opened
The immediate support line is at 1.3180. Should the price step even lower, it will encounter subsequent levels at 1.3144 and 1.3116, where recovery might start.
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