EUR/USD lets senior pattern take over

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The U.S. dollar held quietly firm on Tuesday as the prospect of rising U.S. interest rates this year kept sentiment bullish."  
– Wayne Cole (Based on Reuters) 


Pair's Outlook 
EUR/USD completed the retracement it had been attempting on Monday, posting a green candle now which is somewhat consistent with theory, predicting a bullish outburst after the pattern is broken. The pair could close in the green zone but it is rather expected to maintain the short-term southward motion and target the bottom boundary of the inferior pattern which has been sketched for the sole purpose of leading the rate north. Resistance currently lies at 1.0505 and we would not expect a break above this level today, while the lack of immediate demand areas makes the downside target further away at 1.0386.  

Traders' Sentiment
SWFX traders remain long on the pair, as 56% of open positions are long. Meanwhile, 60% of set up orders are to sell the Euro.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.