EUR/USD approaches the monthly PP at 1.2891

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"In the near term at least, it does look like the euro wants to go lower. The report that Italy's Mario Monti may quit impacts the euro because it's evidence of more political instability within the zone"
- Westpac Banking Corp. (based on Bloomberg)


Pair's Outlook
EUR/USD pair finished last week by sharply depreciating. The price reached an important level at a 1.2900 area, where the 55-day SMA intersects with the monthly PP. As the currency pair depreciated last three days, and currently is traded around the 20-day SMA together with the RSI value of 27 in a H4 graph, it is very likely to see a short-term consolidation. After that the key support would be at a 1.2755/05 level, where the lower Bollinger band merges with the monthly S1 and the 200-day SMA.

Traders' Sentiment
SWFX market participants have similar shares of opened order market, since 47% of traders have buy positions and 53% have short positions. Pending orders market has reached an equilibrium, as both sides have exactly the similar shares: 50/50.

© Dukascopy Bank SA

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