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- Mitul Kotecha, Credit Agricole (based on CNBC)
Pair's Outlook
EUR/USD is currently rallying and is about to hit resistance at 1.2187, above which lies a subsequent level at 1.2241/62. Key resistance area is fairly wide and stretches from 1.2386 to 1.2474. It is expected to cap the pair, which may gain even more bullish momentum and attempt to extend present advancement. However, long-term outlook remains bearish and we should soon observe resumption of a downtrend.
Traders' Sentiment
SWFX traders' sentiment is bullish towards EUR/USD, being that 61% of all the positions opened on the currency pair are long and 39% are short. Moreover, the Euro is the most popular currency at the moment in the marketplace among its major counterparts, since it has being acquired in 73% of cases.
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