EUR/USD depreciates further

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This idea that Germany is a powerhouse dragging the rest of Europe along with it is a bit of a myth to be honest. You have a very weak periphery and a core which is not as strong as everyone seems to believe." 
- Center for European Reform  (based on New York Times)

Pair's Outlook
After a commendable rally to 1.338 area, main currency pair is continuing to depreciate. It is likely that this is just a bearish correction which might last as long as pair wont hit a strong support level. Closest candidate for that is weekly pivot (PP) at 1.3247; especially taking in to account that pair bounced some 45 pips after approaching it yesterday. Once pair resumes its rally we should see it lasting all the way to 1.348/1.35 area.

Traders' Sentiment
Market participants are remaining stringy bearish on the pair. Share of short traders in the market increased by marginal 2%, but they account for 67% of market participants. Pending orders are almost evenly distributed between the short and long traders.

© Dukascopy Bank SA

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