EUR/USD erodes 1.3627/19

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Heading into the year end we wouldn't be surprised to see the euro holding up as we are likely to see some repatriation (of euros) from the banks. That's because the year end is when the ECB takes its snapshot of banks' balance sheets for its Asset Quality Review."
- Morgan Stanley (based on Reuters)

Pair's Outlook

Given the recent behaviour of the currency pair, the resistance at 1.3627/19 (up-trend and monthly PP) is unlikely to nullify the current bullish momentum of EUR/USD. If this is the case, then the price will open the way towards the Feb high at 1.3711. Next it should aim for the major down-trend resistance line at 1.3797/83, which in turn is expected to withstand a collision.

Traders' Sentiment

The sentiment of SWFX traders with respect to the single European currency continues to worsen as its price relative to the U.S. Dollar is getting higher. At the moment of writing the share of long positions on EUR/USD is 41% and the share of bearish market participants is 59%.
© Dukascopy Bank SA
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Fri, 29 Nov 2013 07:30:00 GMT

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