EUR/USD's bias is bearish

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"All the vital decisions seem to be pushed back to September. But given worries about funding of Greece and Spain, risk for financial markets will rise as time goes by"
- Mitsui Trust Bank (based on CNBC)

Pair's Outlook
EUR/USD has spiked up to 1.2406/47 yesterday, but was unable to close above resistance at 1.2337/64, which in turn has set in motion bearish tendency, resulting in a support level at 1.2244/22 being breached. Indicators on a weekly timeframe predicate continuation of a downward move, accordingly, the pair is likely to preserve current momentum at least until 1.2099/80.

Traders' Sentiment
Sentiment of SWFX marketplace participants is becoming more bearish towards EUR/USD, since the share of short positions on the pair has increased up to 53% and the Euro seized to be the most popular currency. At the moment the greenback is the most frequently acquired currency among its major counterparts, being bought in 58% of trades.

© Dukascopy Bank SA
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Actual Topics

Fri, 03 Aug 2012 07:08:35 GMT

GBP/USD slows down ahead of 1.5472/50

GBP/USD is approaching a significant support level at 1.5472/50, behaviour of the pair near which may define its performance in the medium-term. In case the cable bounces off the support, then 1.5729/81 (100 and 200 day SMA and an uptrend resistance) will soon be retested. On the other hand, if 1.5472/50 does not withstand, 1.5253/24 will be targeted next.

Thu, 02 Aug 2012 18:12:55 GMT

GBP/JPY slowly approaching 20-day SMA

Bearish tendency, which lasted for the lastthree days was stopped today, and now a bullish reaction takes place. If the movement upwards proceeds, then GBP/JPY might reach a 20-day SMA at 122.700, which might prove to be a strong resistance for the current rally. If it fails to reverse trend back to bearish, then next resistance at 122.900 (Monthly PP) might give some bearish impetus.

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