© Dukascopy Bank SA
- Credit Agricole (based on Bloomberg)
Pair's Outlook
The currency pair stays above the weekly PP, but at the same time appears to be unable to rekindle a sufficiently strong bullish momentum for now. Nevertheless, the Euro is expected to realise its upward potential and appreciate up to 1.3711. Once EUR/USD reaches the February high, the next target is likely to be the major down-trend resistance line at 1.3862.
Traders' Sentiment
There are currently almost twice as many short positions (66%) on EUR/USD as there are long ones (34%), meaning the sentiment in the SWFX marketplace is heavily skewed in favour of the Euro's underperformance.
© Dukascopy Bank SA