EUR/USD weakens further

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The German data has heightened speculation that the ECB could cut rates The threat of lower rates in the face of evident weakness in the Eurozone core is something that may serve to keep any near-term recovery in all things euro contained."
- National Australia Bank (based on Bloomberg)


Pair's Outlook
The major currency pair continued to depreciate, as the price gradually slips towards a 1.3017/1.2983 area, where the lower Bollinger band, 55-day and 100-day SMAs form a major support level. Also, a 1.2944 area is important in a possible depreciation scenario, as in a daily graph there are the weekly and monthly S1 levels and in a weekly graph we also have the same levels and the 20-day SMA. Therefore, it is very likely to experience a test of this level, but a long-term direction will depend on how the price acts around the 55-day SMA in the upcoming sessions.

Traders' Sentiment
The Euro-preferring investors are increasing their share, as 58% of positions are long and 42% are short. Situation with pending orders market is neutral, since both side have equal portions.

© Dukascopy Bank SA

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