© Dukascopy Bank SA
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
The support at 1.2660 did not withstand the selling pressure yesterday, thus exposing the 2012 low at 1.2040, namely the main long-term target. However, in the short run we may expect some bullish activity at the weekly pivots—at 1.26 and 1.2510 respectively, but the overall outlook should stay bearish. Additional demand area is around 1.24, where the weekly S3 coincides with the monthly S2 level.
Traders' Sentiment
Although the price of the Euro is becoming more attractive, we observe a decline in the percentage of long positions open in the market. Since the previous report 24 hours ago, their share has fallen from 60 to 57%.
© Dukascopy Bank SA