© Dukascopy Bank
- Nomura Securities (based on CNBC)
Industry outlook
EUR/USD is expected to extend its bullish correction up to 1.3077/1.3145. Rallies, however, should not surpass a threshold of 1.3245. The initial support lies at 1.2850, it is reinforced by levels at 1.2810/00 and 1.2698.
Traders' sentiment
The gap between the amounts of long and short positions has slightly narrowed since the last report. At the moment 46% of traders stay bullish on EUR/USD, while 54% of them prefer holding bearish trades.
Long position opened
The break of the short-term resistance line 1.3013 would pave the way for the pair to rise up to 1.3059. The clearance of the second daily resistance level would establish a new target for traders at 1.3146.
Short position opened
The immediate support line is at 1.2880. Should the price step even lower, it will encounter subsequent levels at 1.2793 and 1.2747, where recovery might start.
© Dukascopy Bank