© Dukascopy Bank
"Expectations are growing for measures to tackle the European debt crisis to be hammered out at EU summit meeting"
- Bank of Tokyo-Mitsubishi UFJ (based on WSJ)
Pair's Outlook
Pullback of EUR/USD did not last for long, as the pair has only rallied up to 1.2818, where it was halted by a resistance. For the time being the currency couple should trade sideways, as it is supported by 1.2772. The long term outlook, however, remains bearish, given a tough resistance area that caps the price from 1.3028 till 1.3103.
Traders' Sentiment
Based upon SWFX liquidity consumer sentiment index, the majority of traders (58%) have preferred to acquire the Euro against the US Dollar, being that the single currency is the most popular at the moment among its main counterparts. Additionally, within 100 pips from the current price, 59% of orders are to buy the Euro, while 41% are to sell it.
© Dukascopy Bank