© Dukascopy Bank SA
"The ideal thing will be for EU leaders to lay out a grand plan for fiscal union, but the suspicion is that they will again fall short of that"
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
EUR/USD is gradually sliding lower, approaching initial support at 1.456 (S1 Weekly). A successful breach of this line would expose the next support levels at 1.2434 (Lower Bollinger band) and 1.2375 (Lower support line; S2 Weekly) in case bearish momentum holds further.
Traders' Sentiment
According to SWFX sentiment index, the shared European currency is the most popular among the traders in the marketplace, followed by the Australian Dollar. Positions on EUR/USD are mostly long (54%), whereas 46% of investors keep short positions. Over the long-term, 57% of traders expect the pair to continue declining and 43% of market participants keeping an opposite view.
© Dukascopy Bank SA