© Dukascopy
- Nouriel Roubini (based on CNBC)
Industry outlook
EUR/USD currency pair is still considered bearish after its sharp decline yesterday. In the near-term the price might slide down to 1.3380/60 while on the road towards a mid-term target at 1.3145. Long-term aim remains at 1.20.
Traders' sentiment
And yet again the share of long positions has dropped below a level of 50%. Therefore bullish investors currently constitute 48.91% of the market, while bears have recaptured previously lost position and are 51.09% of all traders.
Long position opened
The initial resistance level for intraday trading is 1.3679. Bulls might establish additional targets at 1.3750 and 1.3920 if the euro appreciates even more.
Short position opened
Major FX traders expect the price to test the initial support level at 1.3510. The breakout of this line will pave the way for the price to test S2 at 1.3412 and S3 at 1.3243.
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