© Dukascopy Bank
"Euro-zone prospects have improved significantly, but there are still some unresolved questions lurking in the background"
- Barclays Capital (based on WSJ)
Industry outlook
Being that resistance levels at 110.26 and 111.57 are rather strong, there is little chance they will be breached at the very first try. Dips are to be contained by supports located at 108.01, 107.61 and 105.00.
Traders' sentiment
Bullish trades currently constitute 55% of all the positions held in the market, whereas bearish trades form 45% of them, making the sentiment slightly bullish.
Long position opened
Initial resistance area for the pair is situated at 110.27. Subsequent goals for the bullish market payers may be found at 110.60 and 111.24.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 109.30. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 108.66 or 108.33.
© Dukascopy Bank