© Dukascopy Bank SA
- Brown Brothers Harriman (based on CNBC)
Pair's Outlook
EUR/USD continues to consolidate just above support at 1.2247 after several repeated attempts to close below it, thus proving to have lack of bearish momentum. The pair is likely to remain flat for now, but should be able to erode the initial level and a subsequent one at 1.2161 in the longer term. In the meantime, rallies are to be limited by resistances at 1.2332 and 1.2374/1.2419.
Traders' Sentiment
The gap between bullish and bearish traders has stagnated at 26%, as the shares of long and short positions are 63% and 37% of the market, respectively, since the single European currency remains the most popular relative to its major counterparts. The ratio between buy and sell orders is 39% to 61%.
© Dukascopy Bank SA