© Dukascopy
"A breakup of the euro zone can be avoided, but bold measures are needed soon"
- Barclays Capital (based on Reuters)
Industry outlook
The current rally of EUR/USD is only temporary and is expected to fade once resistances at 1.3418 and 1.3457 are encountered. The weekly outlook is therefore negative with the possibility of the currency pair sliding down to 1.3145, then 1.2860 and ultimately 1.20.
Traders' sentiment
Bullish traders have stepped back a little, occupying 52.85% of the market, though they did not give the advantage over to bearish market participants who currently constitute 47.15% of the market and are still outnumbered.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 1.3384 and 1.3454. The weakest level is at 1.3580.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.3258. In case of downtrend continuation, the pair might rebound from the S2 at 1.3202 or S3 at 1.3076.
© Dukascopy