EUR/USD is rallying - Technical Analysis - Dukascopy Bank

Wed, 20 Jun 2012 07:30:36 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"Given that long-term Spanish yields are already above 7 percent, if rates rise further at the auction tomorrow, it may cast doubts over the country's funding ability. That will probably spur some risk aversion, which will prompt some euro selling"
- IG Markets Securities Ltd (based on Bloomberg)

Pair's Outlook
EUR/USD continues to bounce off an accelerated uptrend support despite the pair dipping occasionally and thus constantly shaking the view the price is able to advance further. While an initial resistance is located at 1.2743, the first considerable level is likely to be encountered at 1.2800/20, followed by an even more formidable area that stretches from 1.2881 to 1.2984.

Traders' Sentiment
The share of long positions on EUR/USD keeps on falling down and has already reached 46% of the market, while at the same time bears are starting to occupy more dominant position, currently constituting 54% of the market. However, the overall SWFX marketplace sentiment of traders remains mixed, as the advantage is yet insufficient to claim that significant majority of market participants favour bearish scenario.

© Dukascopy Bank SA

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