EUR/USD is headed towards 1.3012

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro is still likely to move a bit higher. The momentum is not over yet. It may see a dip down toward $1.30 again, but it won't go much below that"
- Steve Barrow, Standard Bank (based on CNBC)

Pair's Outlook

After four straight days of gains EUR/USD is finally making a downward correction. Extension of the dip down to 1.3012 or 1.2935 will not put the bullish medium term outlook under risk, but will rather imply a consolidation phase. However, a breach of 1.2879/56 and 1.2806/1.2758 (200 day SMA) will be a strong bearish signal.

Traders' Sentiment
Perception of the market that EUR/USD is to fall did not change, as majority of traders (61%) continue to hold short positions on the pair, as the U.S. Dollar is presently one of the most popular currencies, being acquired in 66% of cases on average in SWFX marketplace.

© Dukascopy Bank SA
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