© Dukascopy Bank
- Global-View.com (based on CNBC)
Industry outlook
Succeeding a recovery up to 1.2820/60 or 1.2974, the pair should recommence falling. The mid-term bearish outlook is thus likely to remain until 1.2530/88 is reached. Longer term target lies even lower, at 1.2083 (200 month ma).
Traders' sentiment
No significant changes have been observed in traders' sentiment toward EUR/USD currency couple since yesterday. 54.66% of positions are currently long, whereas 45.34% of them are currently short.
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 1.2815. The breakout of this level will pave a way for a bullish run up to 1.2855 and then to 1.2891.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 1.2739. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 1.2703 and 1.2663.
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