© Dukascopy Bank
- Nordea (based on CNBC)
Industry outlook
Downside risk should persist for as long as 20 day ma and a downtrend at 1.2890/1.2903 are not breached. The initial support is situated at 1.2624. Should the latter level be violated, then EUR/USD is likely to dip down to 1.2530/88.
Traders' sentiment
The gap between the amount of long and short positions in the market has dropped. At the moment 54% of trades are bullish, while 46% of them are bearish, making the overall sentiment neutral on the pair.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 1.2694 and 1.2721. The highest level is at 1.2756.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.2632. In case of downtrend continuation, the pair might rebound from the S2 at 1.2597 or S3 at 1.2570.
© Dukascopy Bank