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- CNBC
Industry outlook
Even though EUR/USD has bounced off a support at 1.3035, it is expected to remain capped by resistances at 1.3207 (55 day ma), 1.3338 and 1.3385. Bearish momentum should be reignited near one of those levels, resulting in a dip down to 1.2974/54 within the next month.
Traders' sentiment
Long positions constitute 54% of the market, whereas short ones form 46% of it, implying slightly bullish sentiment on the pair.
Long position opened
The initial resistance level for intraday trading is 1.3231. Bulls might establish additional targets at 1.3277 and 1.3342 if the Euro appreciates more.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 1.3120. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 1.3055 and at S3 of 1.3009.
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