EUR/USD to stabilise above 1.2244/32

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The debt crisis will not be resolved any time soon and that will continue to weigh on the euro in the longer term. Economies in the region will deteriorate as governments around the region move toward austerity"
- Mizuho Securities Co. (based on Bloomberg)

Pair's Outlook
Bulls have quieted down after a shallow rally and should allow bears to take over and push the currency pair through an interim support at 1.2244/32 en route to a subsequent level at 1.2099/1.1996. However, this is unlikely to happen today (given that technical indicators for a daily timeframe are neutral) but later this week. In the meantime, resistances at 1.2337 and 1.2414/47 should contain probable rallies.

Traders' Sentiment
The share of bullish market participants has decreased to 53%, while bearish traders now constitute a larger part of the market - 47%. Distribution between buy and sell orders (49% to 51%, respectively) also does not reveal preferences of the market.

© Dukascopy Bank SA
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