EUR/USD erodes a downtrend resistance line

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Draghi might be in favor of providing support for the peripheral economies; the question is whether he has managed to convince the rest of the ECB board"
- Investec (based on MarketWatch)

Pair's Outlook
A major resistance at 1.2587/1.2619 appears to be exhausted and is already unable to restrain EUR/USD, which is being relentlessly driven upwards by bulls since July 25. If the current tendency persists, the pair will confront 1.2651/80, while subsequent levels are located at 1.2730/65 and 1.2811/24. However, the price may still be a subject to a dip to 1.2558/35.

Traders' Sentiment
The single European currency has regained its popularity in the SWFX marketplace and is being bought in 64% of cases, while the greenback has relegated to the background in this respect. Accordingly, the sentiment of traders towards EUR/USD has become slightly positive—53% of positions are long and 47% are short.

© Dukascopy Bank SA
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Actual Topics

Tue, 04 Sep 2012 07:13:24 GMT

GBP/USD breaks through to 1.5922/34

GBP/USD did not yet fully give in to bears and step by step inches higher. Presently the currency pair is moving towards 1.5922/34, breach of which would pave the way to 1.6063/93, though resistances at 1.5979 and 1.6021 will have to be overcome first. Nevertheless, most of weekly and monthly technical studies are bearish, suggesting that supports at 1.5837 and

Mon, 03 Sep 2012 17:22:22 GMT

EUR/CAD experiences bullish correction

The bearish tendency, which started on August 31th, failed to continue, and now the EUR/CAD currency couple is slowly approaching the weekly R1 at 1.2476, which might bring some bearish impetus. If it fails to stop the prevailing uptrend, then the price is likely to reach the weekly R2 at 1.2552, which might change the direction of the present movement.

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