EUR/USD to carry on falling - Technical Analysis - Dukascopy Bank

Fri, 25 Nov 2011 09:04:07 GMT
Source: Dukascopy
 
© Dukascopy
"Risk sentiment is still pretty poor as there doesn't seem to be one clear solution that will be swift for Europe"
- St. George Bank Ltd. (based on Bloomberg)

Industry outlook
Regardless of the fact that some of the indicators suggest possible reversal, EUR/USD is expected to maintain its current direction - down. The initial target is located at 1.3284, while subsequent goals are 1.3145 and 1.20.

Traders' sentiment
The difference in portion of bullish and bearish positions in EUR/USD has once again widened. At the moment 52.76% of trades are long, while the rest, being 47.24%, are short.

Long position opened
The break of the short-term resistance line 1.3388 would pave the way for the pair to rise up to 1.3448. The clearance of the second daily resistance level would establish a new target for traders at 1.3543.

Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.3292. If the pair erodes this level, then it might rebound from S2 of 1.3256 or S3 of 1.3160.
© Dukascopy

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