EUR/USD recovers ahead of 1.2244/33

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ECB may "lean towards a zero interest rate policy as the region heads for a prolonged recession"
- DailyFX (based on CNBC)

Pair's Outlook
Support at 1.2244/33 prevented precipitous fall of EUR/USD and triggered short-squeeze. The rally is expected to be tepid, being pressured by the overall bearish bias, and should end ahead of strong resistances at 1.2376/86 and 1.2417/47. Once support at 1.2244/33 is eroded, the pair will aim for 1.2106/1.2088, while additional bearishness may result in 1.1926/1.1867 being reached.

Traders' Sentiment
Traders' sentiment index on EUR/USD is 55% bullish and 45% bearish, implying indecision of the market with respect to the trend the currency pair will adhere to in near future. The situation with orders placed is similar, being that 51% of them are buy orders and 49% are sell orders.

© Dukascopy Bank SA
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Actual Topics

Tue, 31 Jul 2012 07:10:26 GMT

GBP/USD consolidates just below 1.5729/90

GBP/USD stays bound by an uptrend channel and has just recently tested an upward sloping resistance line at 1.5729/90. This implies increased possibility of bearish activity by the currency pair in the short to medium-term. The initial support lies at 1.5650, but is viewed as unable to halt the cable en route to 1.5603/1.5574, while an uptrend support at 1.5480

Mon, 30 Jul 2012 17:26:46 GMT

EUR/AUD to test 1.1645

EUR/AUD currency pair continues its bearish tendency that started on May 21th, and now it is gradually approaching Lower Bollinger Band at 1.1645, where EUR/AUD might find support for its ongoing decline. Although this support level seems strong enough to reverse current bearish trend, it still might be breached and then the next support level at 1.1626 (Monthly S3) is

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