© Dukascopy Bank
- DailyFX (based on CNBC)
Industry outlook
Despite EUR/USD bouncing off 1.2974, the outlook remains bearish for the pair. Below this support the price should target 1.2891/54 first, then 1.2634. Resistances are located at 1.3235/50 and at 1.3322.
Traders' sentiment
The advantage of short positions over long ones in terms of amounts is not extensive. Therefore the bias is more neutral than bearish on EUR/USD currency pair.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3186. The breakout of this level will pave a way for a bullish run up to 1.3233 and then to 1.3268.
Short position opened
The immediate support line is at 1.3104. Should the price step even lower, it will encounter subsequent levels at 1.3069 and 1.3022, where recovery might start.
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