EUR/USD approaches 1.2964/63

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The headlines from Europe are probably going to get worse over the course of the next three to four months"
- Rochford Capital (based on Bloomberg)

Pair's Outlook

EUR/USD halted last week's advancement ahead of 1.3122/51 and is currently pulling back to the 20-day SMA at 1.2964/63. In case it does not manage to preserve bullish outlook, subsequent support is located at 1.2856/26 and is reinforced by 1.2803/1.2787. Accordingly, the pair is expected to recommence rally and then aim for 1.3122/51.

Traders' Sentiment
While the U.S. Dollar is the most frequently (in 62% of cases) acquired currency among its major counterparts, sentiment of traders is moderately bearish towards EUR/USD, as 44% of positions are long and 56% are short. The ratio between buy and sell orders is 51% to 49%, respectively.

© Dukascopy Bank SA
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