EUR/USD recovers ahead of 1.2244/33

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ECB may "lean towards a zero interest rate policy as the region heads for a prolonged recession"
- DailyFX (based on CNBC)

Pair's Outlook
Support at 1.2244/33 prevented precipitous fall of EUR/USD and triggered short-squeeze. The rally is expected to be tepid, being pressured by the overall bearish bias, and should end ahead of strong resistances at 1.2376/86 and 1.2417/47. Once support at 1.2244/33 is eroded, the pair will aim for 1.2106/1.2088, while additional bearishness may result in 1.1926/1.1867 being reached.

Traders' Sentiment
Traders' sentiment index on EUR/USD is 55% bullish and 45% bearish, implying indecision of the market with respect to the trend the currency pair will adhere to in near future. The situation with orders placed is similar, being that 51% of them are buy orders and 49% are sell orders.

© Dukascopy Bank SA
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