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- Gain Capital Group LLC (based on Bloomberg)
Industry outlook
EUR/USD has breached a support at 1.2954 and is likely to consolidate in near future. Afterwards, however, the pair is expected to remain bearish and hunt for even lowers levels - 1.2809 first, then 1.2624.
Traders' sentiment
The portion of bulls on EUR/USD has risen up to 62%, while at the same time the share of bears has decreased down to 38%, implying that the pair is likely to be overbought soon.
Long position opened
The initial resistance level for intraday trading is 1.2988. Bulls might establish additional targets at 1.3045 and 1.3084 if the Euro appreciates more.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.2892. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.2853 or 1.2796.
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