EUR/USD attempts to recover

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There's little chance that the [Eurozone] finance ministers will reach any further agreement, so anyone betting on another positive surprise might be disappointed"
- State Street Global Markets (based on CNBC)

Pair's Outlook
Precipitous fall of EUR/USD last week should result in a short-term bullish correction before the currency pair charts another leg down. The rally is likely to last up to 1.2386/97, although we may not rule out a deeper retracement - up to formidable resistance area that stretches from 1.2523 to 1.2601. Subsequent dip will first encounter supports at 1.2262 and 1.2128/06 prior to attainment of 1.1986/26.

Traders' Sentiment
Long position holders remain in distinct majority, constituting 61% of the market, being that the single European currency is the most frequently (in 73% of cases) bought among its major counterparts. The situation is rather different with orders placed on the pair, as 42% of them are to buy the Euro and 58% are to buy the Greenback.

© Dukascopy Bank SA

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