© Dukascopy Bank
"If Spanish yields go back above 6 percent then it would favor a break-out of the range to the downside"
- CIBC (based on CNBC)
Industry outlook
EUR/USD is currently recovering from 1.3034, however, the rally is expected to be tepid, given tough resistances at 1.3162 and 1.3207. Within the next few weeks the currency pair is deemed to be capable of breaching 1.2974/54 and falling lower.
Traders' sentiment
The share of market participants who have entered the market with a buy trade has increased up to 56%, accordingly, the portion of bears has gone down to 44%.
Long position opened
Leading market participants, who have entered EUR/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.3153, 1.3200 and 1.3243.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.3063, 1.3020 and 1.2973.
© Dukascopy Bank