© Dukascopy Bank SA
- Royal Bank of Scotland (based on CNBC)
Pair's Outlook
EUR/USD is closing in on 1.2300, which should be capable of holding the currency pair until the end of the current week and trigger some short squeezing. The rally, however, is likely to be shallow, up to 1.2433 or up to 1.2628/60. The long-term outlook remains negative, thus we should observe more bearish behaviour from the price later in June.
Traders' Sentiment
According to SWFX sentiment index, the single European currency remains the most popular among the traders in the marketplace, followed by the Australian Dollar. Accordingly, most of positions opened on EUR/USD are long, constituting 60% of the market, while shorts are in a distinct minority, forming 40% of the total amount of trades.
© Dukascopy Bank SA