© Dukascopy Bank
- Brown Brothers Harriman (based on WSJ)
Industry outlook
EUR/USD has pushed through a support at 1.3055 (55 day ma) and is now being underpinned by 1.3000. Even though the currency pair might rally to some small extent, afterwards it should fall down to 1.2974/54.
Traders' sentiment
Traders' sentiment on EUR/USD currency pair is mixed at the moment, as the share of long and short positions is nearly the same, being 49 and 51 per cent of the total amount of trades.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3078. The breakout of this level will pave a way for a bullish run up to 1.3124 and then to 1.3157.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.2999. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.2966 or 1.2920.
© Dukascopy Bank