EUR/USD to confront 1.2386/1.2474

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We are unlikely to see any material change in ECB policy beyond a final cut to the [benchmark] refi rate which we think will happen in September"
- Royal Bank of Canada (based on MarketWatch)

Pair's Outlook
Neither 1.2187 nor 1.2236/62 managed to halt the currency pair and thus exposed a subsequent key area at 1.2386/1.2474. The latter resistance is highly unlikely to be violated, given that it is a confluence of several resistances, including 55 day SMA and monthly S1. Accordingly, our favoured scenario is a rebound from this zone and revitalisation of bearish activity.

Traders' Sentiment
Even though the Euro remains the most popular currency in SWFX marketplace (being acquired in 72% of cases), the share of long positions on EUR/USD is declining and has already reached 57%. The ratio between buy and sell orders is 53 to 47 per cent, respectively.

© Dukascopy Bank SA
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