EUR/USD set to decline

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro/dollar has broken some higher-profile chart levels, but there hasn't been convincing follow-through."
- HSBC (based on CNBC)


Pair's Outlook

The sell-off might not have been as strong as expected after a breach of the support at 1.35, but the risks are still considered to be heavily skewed to the downside. And even though a half of the monthly studies are pointing upwards, the path of least resistance currently leads South, towards the monthly S2 and S3 levels at 1.3436 and 1.3369 respectively. Meanwhile, the long-term target is 1.28—2013 lows.

Traders' Sentiment

The bulls are currently in a majority with 55% of the market, but their advantage over the bears (45%) remains insignificant. In the meantime, the percentage of orders placed to purchase the Euro dropped from 57% down to 47%.
© Dukascopy Bank SA

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