© Dukascopy Bank
- Bank of the West (based on CNBC)
Industry outlook
Even though EUR/USD continues to hover just below 1.3291/1.3325, it is expected to move southwards in the nearest future. The initial support is at 1.3140, followed by 1.3130 (55 day sma) and 1.3004.
Traders' sentiment
The gap between the amounts of bulls and bears on EUR/USD currency pair has widened as is now 12%, since short positions now outnumber the long ones to a slightly larger extent.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 1.3310. If the pair manages to go through this level, further resistances are situated at 1.3353 and 1.3413.
Short position opened
The immediate support line is at 1.3208. Should the price step even lower, it will encounter subsequent levels at 1.3147 and 1.3105, where recovery might start.
© Dukascopy Bank