EUR/USD eyes 1.2337/34

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think the risk or the bias here is perhaps a bit more short squeeze in the euro to the upside"
- Sim Moh Siong, Bank of Singapore (based on Reuters)

Pair's Outlook
EUR/USD was unable to sustain a rally above 1.2407/56 and is currently headed towards the nearest support level at 1.2337/34. Extension of the dip will encounter 1.2259/26, but it is also expected to give in eventually and thus pave the way to 1.2061/1.1996. In the meantime, if the rallies do occur, they are likely to be capped by a key resistance area at 1.2625/44, thereby preserving long-term bearish outlook.

Traders' Sentiment
The Euro has returned its title of the most popular currency in SWFX marketplace, being currently acquired in 62% of cases. In the pair with the greenback, however, sentiment towards it is neutral, since 52% of traders are long and 48% are short on EUR/USD.

© Dukascopy Bank SA
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Actual Topics

Tue, 07 Aug 2012 07:06:09 GMT

GBP/USD to bounce off 1.5540/17

Recovery of the cable proved to be short-lived as the currency pair has slipped before reaching 1.5731/74 and is rapidly returning to an uptrend support at 1.5540/17. GBP/USD has already pierced through 1.5624/08 and 1.5589, but should be stopped by 1.5540/17. Additional supports lie at 1.5466/50 and 1.5383, though are unlikely to be tested today.

Mon, 06 Aug 2012 16:06:09 GMT

GBP/JPY rebounds from 123.03

GBP/JPY currency pair has already been following the falling wedge pattern for some time. The bullish movement was stopped, when the price touched resistance line of the wedge at 123.03, and now a strong bearish correction takes place. The price is heading towards weekly S1 at 121.57, which might slow down the current declineIn case 121.57 fails to stop the movement downwards, then next support

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