© Dukascopy Bank
"Euro-dollar goes back to $1.26 by the middle of April"
- Rochford Capital (based on Bloomberg)
Industry outlook
EUR/USD is gaining bearish momentum. After penetrating 1.3096 the currency pair is expected to dip down to 1.2974/54 with the possibility to extend the move to 1.2624. Rallies are to be capped by resistances at 1.3242/50 and 1.3322.
Traders' sentiment
The share of buy orders (46%) on EUR/USD is outnumbered by the amount of sell orders (54%), making traders' sentiment bearish for the pair.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.3313, followed by R2 and R3 at 1.3269 and 1.3313, respectively.
Short position opened
The immediate support line is at 1.3069. Should the price step even lower, it will encounter subsequent levels at 1.3025 and 1.2947, where recovery might start.
© Dukascopy Bank