EUR/USD extends rally to monthly PP

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The higher the euro, the higher the risk of perhaps more easing action in the not-too-distant future. The focus on the exchange rate has likely put a cap on euro strength at $1.40."
- TD Securities (based on MarketWatch)


Pair's Outlook

The 55-day SMA failed to contain bullishness of the common currency yesterday. As a result, EUR/USD is now testing the monthly pivot point at 1.3815, which guards the main resistance area near 1.39. The latter level is considered to be a ceiling for the currency pair, meaning that even if the Euro appreciates in the short term, there are substantial downside risks in the longer term regardless of the signals given by the weekly and monthly technical indicators.

Traders' Sentiment

As the single European currency increased in value even more, the bears added another four percentage points and now take up as much as 64% of the market, which is already slightly above the 10-day average of 62%.
© Dukascopy Bank SA

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