EUR/USD risks falling from 8-month downtrend

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The fact that they didn't raise rates and wound back expectations for future increases in 2016 has obviously hurt the U.S. dollar."
- Rochford Capital Pty (based on Bloomberg)

Pair's Outlook

EUR/USD rallied for a second day in a row on Thursday, owing to weaker US Dollar in the wake of dovish Fed decisions a day before. As expected, the currency pair eroded the weekly R1 and surged to the August-March downtrend at 1.1320. This one is guarded by another downtrend (October-March) at 1.1345, and success here would allow for an advance beyond the February peak of 1.1377. Daily technical indicators are mixed, but probability of a setback increases. However, support zone below 1.1060 continues to guard the pair from a long-term selloff.  

Traders' Sentiment

For the moment precisely four out of ten SWFX market participants are holding long positions on the Euro, down from 41% yesterday and 42% on Wednesday.  

© Dukascopy Bank SA
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Actual Topics

Fri, 18 Mar 2016 08:16:13 GMT

GBP/USD struggles to retake 1.45

On Thursday the Sterling skyrocketed against the US Dollar, meeting resistance only at the third target, namely weekly R1 at 1.4510.

Thu, 17 Mar 2016 15:46:06 GMT

USD/CAD on the edge of falling below 1.30

The Greenback's decline against its Canadian counterpart somewhat broke through the target support area, leaving only the lowest level of the cluster, namely the monthly S2, to limit the losses yesterday.

Thu, 17 Mar 2016 15:35:07 GMT

AUD/USD prolongs Wednesday's rally

On Wednesday the Aussie appreciated against the American Dollar, erasing Monday's and Tuesday's losses, due to the Fed's dovish statement and an increase in oil prices.

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