EUR/USD eyes 1.2337/34

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think the risk or the bias here is perhaps a bit more short squeeze in the euro to the upside"
- Sim Moh Siong, Bank of Singapore (based on Reuters)

Pair's Outlook
EUR/USD was unable to sustain a rally above 1.2407/56 and is currently headed towards the nearest support level at 1.2337/34. Extension of the dip will encounter 1.2259/26, but it is also expected to give in eventually and thus pave the way to 1.2061/1.1996. In the meantime, if the rallies do occur, they are likely to be capped by a key resistance area at 1.2625/44, thereby preserving long-term bearish outlook.

Traders' Sentiment
The Euro has returned its title of the most popular currency in SWFX marketplace, being currently acquired in 62% of cases. In the pair with the greenback, however, sentiment towards it is neutral, since 52% of traders are long and 48% are short on EUR/USD.

© Dukascopy Bank SA
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Actual Topics

Tue, 07 Aug 2012 07:06:09 GMT

GBP/USD to bounce off 1.5540/17

Recovery of the cable proved to be short-lived as the currency pair has slipped before reaching 1.5731/74 and is rapidly returning to an uptrend support at 1.5540/17. GBP/USD has already pierced through 1.5624/08 and 1.5589, but should be stopped by 1.5540/17. Additional supports lie at 1.5466/50 and 1.5383, though are unlikely to be tested today.

Mon, 06 Aug 2012 16:06:09 GMT

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