© Dukascopy Bank
- Rabobank (based on CNBC)
Industry outlook
After plummeting into 15 month lows, EUR/USD currency pair is expected to make an upward correction up to 1.2760/1.2820. However, the move is likely to be short-term, following which the price should recommence sliding en route to 1.2530/88.
Traders' sentiment
The majority of market participants preferred acquiring the Euro against the American Dollar, thus the share of long positions (55.43%) continues to exceed the portion of short trades (44.57%) on EUR/USD.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 1.2788, 1.2857 and 1.2903.
Short position opened
The immediate support line is at 1.2673. Should the price step even lower, it will encounter subsequent levels at 1.2627 and 1.2558, where recovery might start.
© Dukascopy Bank