© Dukascopy Bank
- David Lipton, IMF (based CNBC)
Industry outlook
Even though EUR/USD has rallied above the 55 day ma, the price should halt near 1.3310/27 (downtrend resistance). Encounter with the latter level should provoke losses, which in turn are expected to extend down to 1.2974/54.
Traders' sentiment
Traders' sentiment is mixed on EUR/USD currency pair, since both long and short positions constitute equal shares of the market - 50%.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 1.3252. The breakout of this level will pave a way for a bullish run up to 1.3288 and then to 1.3350.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.3154. In case of downtrend continuation, the pair might rebound from the S2 at 1.3092 or S3 at 1.3056.
© Dukascopy Bank