EUR/USD is stopped by the monthly R1 at 1.3373

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There is increased confidence among investors that the euro zone economy is turning in the right direction and a recovery is afoot."
- Neal Gilbert, GFT in Grand Rapids (based on Reuters)


Pair's Outlook
The major currency pair eases its appreciation pace, as yesterday it fluctuated in a narrow range around the monthly R1 at 1.3373. The pair has breached a 1.34 benchmark, but immediately reversed, therefore there exists a high probability that the price will appreciate further after the current correction. In case EUR/USD pair finds a spark for a bullish impetus, the closest resistance is at a 1.3479 level, where the weekly R1 intersects a 11-month high. In a down-side scenario, the price should test the 20-day SMA at 1.3199 as the first support.

Traders' Sentiment

Traders of EUR/USD pair reduce bullish positions and bet for a depreciation, as the buy side shrunk to 35% and the sell side increased to 65%. Pending orders' segment is slightly bullish, since 54% of orders are buy and 66% are sell.

© Dukascopy Bank SA

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