© Dukascopy Bank SA
- JPMorgan Chase Bank (based on CNBC)
Pair's Outlook
Despite a pronounced rally of EUR/USD on August 31, selling pressure that has come into play at 1.2587/1.2619 managed to negate bullish impetus and halt advancement of the currency pair. However, the price did not bounce off the downtrend resistance towards 1.2558/35, but remains near 1.2587/1.2619, and thus the upside risk increases, though most of the technical indicators give "sell" signals.
Traders' Sentiment
Traders' sentiment remains unchanged towards EUR/USD, as 59% of all the positions are short and 41% of them are long, implying increased conviction of market participants in appreciation of the greenback. On the other hand, orders placed on the pair do not reveal preference of the market, as the amounts of buy and sell orders are currently equal.
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