© Dukascopy Bank
- William C. Dudley (based on Bloomberg)
пЃ® Industry outlook
Currency pair's bearish movement seems to be decelerating while approaching 1.2860. Test of this support might result in a near-term rally, although the longer-term study suggests continuation of a downtrend, down to 1.2089.
пЃ® Traders' sentiment
EUR/USD currency has become a little bit less bullish than it was yesterday, according to traders' sentiment. The portion of long positions in the market is 53.76%, while shorts constitute 46.24% of all the trades held.
пЃ® Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3057. The breakout of this level will pave a way for a bullish run up to 1.3099 and then to 1.3150.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 1.2964. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 1.2913 and 1.2871.
© Dukascopy Bank