© Dukascopy Bank
- Bank of New York Mellon (based on CNBC)
Industry outlook
Upward correction is expected to end in the nearest future, since the pair is approaching an impenetrable for now resistance located at 1.3250. This in turn implies a sell off down to 1.3000 en route to a lower level at 1.2930.
Traders' sentiment
The situation with the ratio between the longs and the shorts on EUR/USD is aligning. Bulls constitute 47% of the overall amount of positions and bears form 53% of them.
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 1.3198. The breakout of this level will pave a way for a bullish run up to 1.3252 and then to 1.3309.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 1.3087. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 1.3030 and 1.2976.
© Dukascopy Bank