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"As people feel more sure about the world, they will put it back into the euro"
- Faros Trading (based on WSJ)
Industry outlook
EUR/USD currency pair is bullish. The initial target for the price lies at 108.46, while a subsequent goal is located at 109.64 (55 week ma). From below the currency couple is supported by 106.17/105.85 and 105.72.
Traders' sentiment
The share of bears exceeds the portion of bulls on EUR/JPY by 12%, implying current bearish sentiment of traders in SWFX marketplace.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 107.26, followed by R2 and R3 at 107.57 and 108.13, respectively.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 106.39. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 105.83 and at S3 of 105.52.
© Dukascopy Bank