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"Risk markets are at very key levels of resistance at the moment and if they can be hurdled, then that would be evidence of the market's good sentiment for riskier assets"- Rochford Capital (based on Bloomberg)
Pair's Outlook
EUR/USD still preserves some bullish momentum since Friday, as suggested by technical indicators on a daily timeframe. However, it is expected to wane afterwards, since resistance at 1.2410/40 is already proving the present rally of the pair to be fragile. Further appreciation of the Euro will encounter levels at 1.2535 and 1.2633/44, while dips will be limited by supports at 1.2337/34 and 1.2252/26.
Traders' Sentiment
Being that the shares of long and short positions are nearly equal, 49% to 51%, respectively, sentiment of traders towards EUR/USD remains mixed, while popularities of the Euro and U.S. Dollar are the same, since these currencies are both being bought in 58% of cases.
© Dukascopy Bank SA