EUR/USD is underpinned by 1.2597 - Technical Analysis - Dukascopy Bank

Thu, 21 Jun 2012 07:57:49 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"The G20 summit was another small step in the right direction but that a lot of details are still missing to feel confident that the rebound in the euro-dollar could be extended beyond its recent highs"
- Citi (based on MarketWatch)

Pair's Outlook
Today we may expect another leg down, which should be contained by an uptrend support line at 1.2660/31. In case this level is unable to halt bearish advancement, subsequent supports at 1.2550/15 and even at 1.2341/26 may come into play. An initial resistance on the other hand may be found at 1.2759, followed by 1.2792/1.2820, which will remain as the last obstacle en route to 1.2881/1.2936.

Traders' Sentiment
According to SWFX sentiment index, most of market participants (55%) expect the U.S. Dollar to gain in value relative to the Euro, which is currently the most popular currency among its major counterparts, being acquired in 67% of cases. As for the orders, 43% of them are buy orders and 57% of them are sell orders.

© Dukascopy Bank SA

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