© Dukascopy Bank
- CIBC (based on WSJ)
Industry outlook
Today EUR/USD currency pair is likely to be traded frat. A tough resistance zone at 1.3300/22 should contain intraday rallies and send the pair down to 1.2974. Additional supports may be found at 1.2891/54 and 1.2775.
Traders' sentiment
Short positions have extended their advantage over the long ones, as their share in the market has risen up to 59%. Consequently, the portion of long trades has dropped down to 41%.
Long position opened
The initial resistance level for intraday trading is 1.3274. Bulls might establish additional targets at 1.3297 and 1.3329 if the Euro appreciates more.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.3219. In case of downtrend continuation, the pair might rebound from the S2 at 1.3187 or S3 at 1.3164.
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