© Dukascopy
- Societe Generale (based on CNBC)
Industry outlook
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely. The initial support is at 1.3291 followed by 1.3192 (55 day sma) and 1.3133.
Traders' sentiment
Market players maintain bearish tone as the number of sellorders (65.36%) outnumber buy-orders (34.64%) as investors expect the pair to move downwards.
Long position opened
Investors while placing orders for EUR/USD should be aware of the initial resistance level situated at 1.3418. If the bullish momentum persists, traders might expect the next resistance lines at 1.3481 and 1.3594.
Short position opened
The first support line is based at 1.3242. Should the price commit a deeper bearish correction, the pair will face the next support levels at 1.3129 and 1.3066, where recovery might start.
© Dukascopy