© Dukascopy Bank SA
- Royal Bank of Scotland Group Plc. (based on Bloomberg)
Pair's Outlook
EUR/USD has already plummeted through most of the key supports, including the 200-day SMA, May low and the lower bound of the ascending channel. There is a possibility that the pair will be able to recover back above some of these supports today to preserve the long-term bullish outlook, but the chances are slim, considering that the 200-day SMA is at the 38.2% retracement level of today's sell-off, while the trend-line is between the 50 and 61.8% retracements. If the price stays below 1.11 today, our target will be the March low at 1.08 dollars.
Traders' Sentiment
Despite an enormous change in the value of the Euro, the sentiment was not subject to any change. Just like 24 hours ago, 46% of traders are long and 54% are short. There was only a slight drop in the share of sell orders, namely from 58 to 55%.
© Dukascopy Bank SA