© Dukascopy Bank SA
- Jeremy Stretch, CIBC (based on CNBC)
Pair's Outlook
The currency couple is attempting to commence recovery after rebounding from an initial support level at 1.2456/26. The current rally, nonetheless, is expected to be tepid, since resistances at 1.2569/99 and 1.2660/80 should be able to halt EUR/USD, where the price is likely to resume trading lower en route to a long-term target at 1.2037/00.
Traders' Sentiment
The share of market participants who hold long positions on EUR/USD has increased up to 59%, while the portion of bears has fallen down to 41%, meaning growing conviction of traders in the Euro appreciating against the U.S. Dollar, as the single European currency is the most popular among its major peers at the moment, being bought in 70% of cases.
© Dukascopy Bank SA