© Dukascopy Bank
"Overall, currency markets are in risk-off mode"
- Societe Generale (based Reuters)
Industry outlook
Rally of EUR/USD did not persist and the pair has once again fell below 55 day ma. A cluster of downtrend resistances cap the price at 1.3305/20, while the initial support lies at 1.3174, followed by 1.3045 and 1.2974/54.
Traders' sentiment
Short positions are starting to outweigh the long ones. At the moment 48% of traders are bullish on EUR/USD, whereas bears constitute 52% of the market.
Long position opened
Largest brokers set a new long position target as a break of 1.3210 is an encouraging bullish sign en route to 1.3263. If the uptrend remains, the third target for intraday trading will be 1.3316.
Short position opened
Major FX traders expect the price to test the initial support level at 1.3104. The breakout of this line will pave the way for the price to test S2 at 1.3051 and S3 at 1.2998.
© Dukascopy Bank