© Dukascopy Bank
"The easy policy in the U.S. means there is a rush to other currencies, and the euro will lead the charge"
- Faros Trading (based on WSJ)
Industry outlook
After encountering a tough resistance at 1.3245/50 the currency pair is expected to fall, though the dip should halt near 1.3070. In case the pair surges above 1.3245/50, bullish momentum may last until 1.3437 is reached.
Traders' sentiment
Traders with long positions are currently in a distinct minority. At the moment they constitute 37% of the total amount of market participants, while bears form a significantly bigger part - 63%.
Long position opened
The price might rebound from the first resistance level at 1.3164, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 1.3220 and 1.3257.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.3071. If the pair erodes this level, then it might rebound from S2 of 1.3034 or S3 of 1.2978.
© Dukascopy Bank