EUR/USD remains bearish

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There has been little in the way of positive press since Friday, and as such, markets have started the week as they finished the last - with a decided air of risk aversion"
- RBC Capital Markets (based on MarketWatch)

Pair's Outlook
Friday bearishness of EUR/USD has been halted by support at 1.2106. Although, given that majority of technical indicators continue to point to the downside, this level is likely to give in and thus pave the way towards 1.2051 and 1.2012/1.1976. In case of strong recovery the pair will encounter resistances at 1.2187 and 1.2262.

Traders' Sentiment
The single European currency is the most frequently bought in SWFX marketplace, namely in 73% of cases. Accordingly, most of market participants (63%) have preferred to open long positions on EUR/USD, expecting the Euro to appreciate relative to the greenback. However, sell orders (64%) considerably exceed buy orders (36%).

© Dukascopy Bank SA
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Actual Topics

Mon, 23 Jul 2012 07:30:11 GMT

GBP/USD struggles at 1.5585/83

GBP/USD has just confronted a formidable level at 1.5585/83, which should be eroded and then allow further depreciation of the British Pound relative to the U.S. Dollar. Subsequent supports lie at 1.5530/04 and 1.5427/1.5389 and will be even harder to breach, though the pair is expected to regain bullish momentum only near 1.5289/49, consequently, rallies are to remain shallow.

Fri, 20 Jul 2012 16:05:59 GMT

NZD/USD tripped ahead of 0.8052/78

Rally above 0.8021 was not sustained, leading to a precipitous fall of NZD/USD, which might extend beyond 0.7991 (200 day SMA) and reach subsequent support at 0.7960/30, where a consolidation phase should be commenced. In case the pair moves even lower, it will find additional support levels at 0.7884/68 and 0.7835/04, which at the moment remain safe.

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