EUR/USD rebounds from 1.38

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro is resilient. We don't have any catalysts to sell the euro for the near term" as the ECB is likely to remain on hold."
- Ueda Harlow (based on Bloomberg)


Pair's Outlook

As suspected, the support at 1.38 was enough to prevent further depreciation of the single European currency. The pair is already testing the resistance at 1.3842/31 (weekly PP and 20-day SMA) and may soon hit the up-trend line at 1.3923/13, which in turn is supposed to be much harder to breach. Meanwhile, a substantial majority of the technical indicators on all three most relevant time-frames are bullish.

Traders' Sentiment

There was a slight increase in the share of short positions placed on EUR/USD, from 65% up to 66%, meaning the noticeably bearish sentiment towards the pair persists. At the same time the percentage of buy orders increased from 44% to 50%.
© Dukascopy Bank SA

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