EUR/USD's rally is extending

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There is no coherent message between politicians and policymakers. The euro's failure to break above $1.2450 would leave traders inclined to sell it on rallies"
- CIBC (based on CNBC)

Pair's Outlook
EUR/USD has managed to overcome 1.2319/37 and is presently headed towards resistance at 1.2383/96, where the price is likely to reverse current bullish tendency and resume moving downwards. In case the latter level does not withstand, 1.2473 and 1.2519 will also attempt to stop the pair. The key zone lies at 1.2578/1.2633 and should cap EUR/USD in the medium-term.

Traders' Sentiment
SWFX traders' sentiment remains neutral towards EUR/USD, even though the Euro is the most popular currency at the moment. Long positions constitute 51% of the market, whereas the share of short positions is 49%. As for the orders, 57% of them are to acquire the common currency and 43% are to sell it against the U.S. Dollar.

© Dukascopy Bank SA
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Actual Topics

Tue, 14 Aug 2012 07:12:13 GMT

GBP/USD to be contained by 1.5726/56

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