© Dukascopy Bank SA
- BK Asset Management (based on MarketWatch)
Pair's Outlook
The currency pair has bumped into a formidable resistance zone at 1.2556/1.2633, which mainly formed by two downtrend resistance lines and 23.60% Fibonacci retracement for a move started on October 27 last year. Consequently, we expect the zone to withstand pressure, negate upward momentum and force EUR/USD to move towards the lower line of the downtrend channel.
Traders' Sentiment
SWFX traders' sentiment is becoming more and more bearish with each day, as the part of the bearish market participants has increased up to 57%, whereas the portion of bullish traders continues to decline, being 43% of the market at the moment. The similar situation is observed with the distribution of orders, where 46% of orders are to buy the Euro and 54% of them are to sell it.
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