EUR/USD tests the upper line of the channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market is basically in risk-on mode, with the euro being bought and the dollar falling across the board"
- Japanese Bank (Based on Reuters)

Pair's Outlook

The major currency pair demonstrates bullish sentiment on the first day of a new year and has already breached a 1.3224/40 level. However, it has not yet retested 1.3224/40 and settled above this support. EUR/USD has remained in the channel since the 19th of December, but it is very likely to see a breakout soon. The nearest resistance level is at 1.3342/73 and the next support is 1.3181.66, the lower boundary of the short-term channel.

Traders' Sentiment
Bulls took control of SWFX market, since the buy side now possesses 68% of long positions and 32% of short positions. Pending orders' segment is rather neutral, since 57% of orders are for a buy position and 43% for a sell position.
© Dukascopy Bank SA

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