© Dukascopy Bank
© Dukascopy Bank
"One of the prime drivers in foreign-exchange markets is the prospect for further policy action out of the Fed. Coming Fed speeches are going to set a lot of the tone"
- RBS Securities (based on WSJ)
Industry outlook
As long as resistances at 1.3162, 1.3208 and 1.3352 remain intact, EUR/USD will be deemed as bearish. The immediate support may be found at 1.3000/04, while subsequent levels are at 1.2974/54 and 1.2945.
Traders' sentiment
Traders' sentiment with respect to EUR/USD remains almost the same as yesterday. 56% of market participants are long and 44% of them are short on the pair.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3147. The breakout of this level will pave a way for a bullish run up to 1.3191 and then to 1.3248.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.3046. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.2989 or 1.2945.
© Dukascopy Bank
© Dukascopy Bank