© Dukascopy Bank
- JP Morgan (based on WSJ)
Industry outlook
The bullish momentum of EUR/USD has vanished and the focus is now on a support at 1.3162. In case this level is breached, the pair is then likely to slide down to 1.3025/00. From above EUR/USD is capped by resistances at 1.3320 and 1.3435.
Traders' sentiment
The portion of long positions on EUR/USD has slightly grown, reaching 44% of the total amount of trades on the pair. Accordingly, shorts are losing positions, currently forming 56% of the market.
Long position opened
The break of the short-term resistance line 1.3276 would pave the way for the pair to rise up to 1.3351. The clearance of the second daily resistance level would establish a new target for traders at 1.3411.
Short position opened
Major FX traders expect the price to test the initial support level at 1.3141. The breakout of this line will pave the way for the price to test S2 at 1.3081 and S3 at 1.3006.
© Dukascopy Bank