© Dukascopy Bank SA
- Credit Agricole (based on CNBC)
Pair's Outlook
EUR/USD is slowly eroding the nearest support area at 1.2485/63, violation of which will confirm bearish intentions of the pair and jeopardise subsequent levels at 1.2393/37 and 1.2210/1.2168. Nevertheless, since the downward momentum is not yet strong enough, the pair may be a subject to a rally up to 1.2556/1.2633, but is expected to be stopped there.
Traders' Sentiment
The portion of long positions on EUR/USD continues to decline and has already reached 42%, as the U.S. Dollar is presently the most popular currency among its major peers in SWFX marketplace, leaving the Euro behind. On the other hand, buy orders (55%) outweigh sell orders (45%), implying an increased possibility of change of the current trend.
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