EUR/USD to reach 1.3608/15 - Technical Analysis - Dukascopy Bank

Fri, 02 Dec 2011 07:56:23 GMT
Source: Dukascopy
 
© Dukascopy
"A satisfactory fiscal compact agreed upon at the summit next week should open the door to ECB quantitative easing, which we expect could come as soon as Q1 2012" 
- BNP Paribas (based on CNBC)

пЃ® Industry outlook
EUR/USD is expected to extend its correction up to 1.3608/15. Should the rally come through the latter level, the next tough resistance is at 1.3835/60. Longer term outlook remains negative with the focus on support located at 1.3209.

пЃ® Traders' sentiment
The share of long positions in EUR/USD has fallen beyond a threshold of 50% and currently is 47.62% of the market. The portion of short positions, on the other hand, has surged up to 52.38%.

пЃ® Long position opened
The break of the short-term resistance line 1.3515 would pave the way for the pair to rise up to 1.3569. The clearance of the second daily resistance level would establish a new target for traders at 1.3618.

пЃ® Short position opened
The immediate support line is at 1.3412. Should the price step even lower, it will encounter subsequent levels at 1.3363 and 1.3309, where recovery might start.
© Dukascopy

Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.