EUR/USD's surge remains brittle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro continues to be in steady favor as a series of events have proven to be supportive, including ruling by Germany's top constitutional court"
- BNY Mellon (based on CNBC)

Pair's Outlook

Against all odds the single European currency continues to appreciate. The nearest target resides at 1.2953, followed by 1.3020, and for the time being there are no signs that EUR/USD is going to terminate its rally. However, if to take heed of forecasts for the fourth quarter, the Euro appears to be overvalued according to the banks' estimates, and therefore remains susceptible to a dip.

Traders' Sentiment
The portion of long positions has fallen even further, being 38% at the moment, whereas bears constitute 62% of the market, revealing negative towards EUR/USD sentiment. As for the orders, 51% are to buy the Euro and 49% are to sell it against the greenback.

© Dukascopy Bank SA
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Thu, 13 Sep 2012 07:31:49 GMT

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