© Dukascopy Bank
- FX Prime Corp. (based on Bloomberg)
Pair's Outlook
EUR/USD has stalled near 1.2509 and is currently attempting to recover, as a result we may observe a shallow rally, which should be capped by 1.2640/42. Accordingly, we expect the major bearish trend to persist, being that almost all of the daily indicators imply continuation of a fall. After 1.2509 is breached, the dip may extend down to 1.2377, although the long term goal still lies at 1.1704.
Traders' Sentiment
Among the market participants in SWFX marketplace the most popular currency is the Euro, which was bought 71% of times against the rest of the currencies. Situation with EUR/USD currency pair is very much similar, as 64% of positions opened are presently bullish and 36% of them are bearish, signifying increased conviction of the market the single currency will commence appreciation.
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