© Dukascopy Bank SA
- J.Capurso, Commonwealth Bank of Australia (based on Bloomberg)
Industry outlook
After a failure at the 5 month downtrend (around 1.3269) yesterday EUR/USD has slipped to 1.3145 this morning. After piercing the critical 80 level, Stochastic is rapidly declining to the oversold area, indicating a short term weakness and a possible slight recovery in near term. The psychological support for the pair would be in the range of 1.2995-1.3005.
Traders' sentiment
Sentiment on the market is slightly negative with 51.66% of Dukascopy traders betting on the downtrend of the pair and 40.34% hoping for the pair's recovery.
Long position opened
Long positions can be either closed now to cover losses or bulls can wait for the rebound of Stochastic for a slight recovery with the first targets at 1.3308/72.
Short position opened
Bearish traders can expect further deterioration of EUR/USD until the psychological level of 1.3000 with a stop loss level around 1.3278.
© Dukascopy Bank SA