EUR/USD erodes a downtrend resistance line

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Draghi might be in favor of providing support for the peripheral economies; the question is whether he has managed to convince the rest of the ECB board"
- Investec (based on MarketWatch)

Pair's Outlook
A major resistance at 1.2587/1.2619 appears to be exhausted and is already unable to restrain EUR/USD, which is being relentlessly driven upwards by bulls since July 25. If the current tendency persists, the pair will confront 1.2651/80, while subsequent levels are located at 1.2730/65 and 1.2811/24. However, the price may still be a subject to a dip to 1.2558/35.

Traders' Sentiment
The single European currency has regained its popularity in the SWFX marketplace and is being bought in 64% of cases, while the greenback has relegated to the background in this respect. Accordingly, the sentiment of traders towards EUR/USD has become slightly positive—53% of positions are long and 47% are short.

© Dukascopy Bank SA
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