© Dukascopy Bank SA
- Mike Jones, Bank of New Zealand (based on Bloomberg)
Pair's Outlook
EUR/USD pair started a week by firmly rallying. The price increased above the down-trend line at 1.3040 and was stopped by the weekly R1 at 1.3055. It is very likely to see a retest of a trend line, which was just easily overcome. Afterwards, if the price still maintains momentum to appreciate, 1.3118 level will be the key resistance, where the weekly R2 and monthly R1 levels intersect with the upper Bollinger band.
Traders' Sentiment
SWFX market participants expect a beginning of a downside movement, as 43% of traders have a long position and 57% have a short position. Pending orders segment is opposite, as 55% placed orders are buy and 45% are sell.
© Dukascopy Bank SA