© Dukascopy Bank
"Sentiment in the euro area is improving, which means the worst of the debt crisis may be past"
- Chuo Mitsui Asset Management Co. (based on Bloomberg)
Industry outlook
At the moment EUR/USD is headed toward 1.3550 with a possibility to extend current bullish correction up to 1.3628. However, the latter level is unlikely to be breached. Dips should be limited by supports at 1.3436 and 1.3322.
Traders' sentiment
Traders' sentiment remains bearish on the pair. The share of long positions on EUR/USD has declined to 36%, allowing the portion of short positions to increase up to 64%.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 1.3508. If the pair manages to go through this line, further resistances are situated at 1.3539 and 1.3600.
Short position opened
Key support for EUR/USD intraday trading is situated at 1.3417. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 1.3357 and 1.3326.
© Dukascopy Bank