© Dukascopy Bank
"There are forces within Europe that are playing with fire, they think not all the conditions might be met, and they may even want Greece outside the euro zone"
- Evangelos Venizelos, Greek FM (based on CNBC)
Industry outlook
Despite current short-term rally which started at 1.2974 the bias remains bearish for EUR/USD. The initial target for the pair is located at 1.2891/54, while in the longer term the price should fall at least down to 1.2624.
Traders' sentiment
Long positions did not preserve their advantage over the short ones. 53% of traders presently stay short on EUR/USD and 47% of market participants continue staying long on it.
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 1.3203, whereas R2 and R3 are situated at 1.3272 and 1.3387 accordingly.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.3019. If the pair erodes this level, then it might rebound from S2 of 1.2904 or S3 of 1.2835.
© Dukascopy Bank