EUR/USD stalled ahead of monthly R1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Despite pressure from the Germans, the ECB may be forced to act relatively soon in order to stimulate the region's economy as the discontent in the periphery and the political blowback could finally force the policymakers to act."
- BK Asset Management (based on MarketWatch)


Pair's Outlook

Even though EUR/USD went up to the monthly R1 yesterday, the currency pair did not manage to get a foothold above 1.3646 and returned to where it opened the day, namely to the 100-day SMA. Still, there are good reasons to believe that eventually the Euro will be able to overcome the hurdle at 1.3681/78 and reach the main falling resistance line at 1.3744.

Traders' Sentiment

As EUR/USD has recently touched a resistance, there are now more short positions open. Their share in the market increased from 61% up to 63%. Concerning the orders, there is currently a significant advantage of sell ones (63%) over the ones to purchase the Euro against the greenback (37%).
© Dukascopy Bank SA

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