© Dukascopy Bank SA
- Commonwealth Foreign Exchange (based on CNBC)
Pair's Outlook
EUR/USD carries on moving forward despite weekly and monthly indicators being bearish. The initial resistance is at 1.2651, followed by 1.2696 and 1.2730/65, although the 200 day SMA in conjunction with a downtrend resistance line is viewed as having the highest chance of occluding further appreciation of the Euro. In the meantime, supports are at 1.2558/09 and 1.2479/49.
Traders' Sentiment
Traders' sentiment is bearish towards EUR/USD, since 58% of positions are short on the pair, whereas 42% of them are long, implying increased conviction of market participants that the single currency is going to lose value relatively to the U.S. Dollar. The ratio between buy and sell orders, on the other hand, is one-to-one.
© Dukascopy Bank SA