EUR/USD to hit 1.3145 - Technical Analysis - Dukascopy Bank

Mon, 28 Nov 2011 11:40:06 GMT
Source: Dukascopy
 
© Dukascopy
"No euro-denominated safe haven is available"
- Commerzbank (based on Reuters)

Industry outlook
For some time 1.3145 will provide sufficient support, although in the long-term it is expected to be eroded. Subsequent targets then will be 1.2860 and 1.20. Rallies should be capped by resistances at 1.3454 and 1.335/80.

Traders' sentiment
EUR/USD is even more bullish than it was Friday morning. More than a half (53.37%) of traders is currently holding long positions, whereas bearish market participants decline in number and currently constitute 46.63% of the market.

Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.3319, followed by R2 and R3 at 1.3403 and 1.3457 respectively.

Short position opened
Key support for EUR/USD intraday trading is situated at 1.3181. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 1.3127 and 1.3043.
© Dukascopy

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