© Dukascopy Bank
- Faros Trading (based on WSJ)
Industry outlook
As long as EUR/USD remains capped by resistances located at 1.3217/91 and 1.3487, the outlook is negative for the currency pair. Even though support at 1.3084 (55 day ma) has held until now, it is likely to give in and allow for losses to extend down to 1.2974/54 first, then 1.2624.
Traders' sentiment
Most of market participants (58%) have placed sell orders on EUR/USD, awaiting for the Euro to depreciate relative to the US Dollar.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 1.3183, 1.3210 and 1.3263.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.3103. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.3050 or 1.3023.
© Dukascopy Bank