EUR/USD's rally is likely to be shallow

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"While markets will remain sensitive to any new details regarding the final assistance package for Spain's banking sector, our view remains that most foreign [with respect to the U.S.A.] currencies will continue to edge higher in the coming days"
- Wells Fargo (based on CNBC)

Pair's Outlook
Despite the overall bearish outlook for the pair, EUR/USD has recovered from 1.2463. The price is currently heading towards resistances situated at 1.2653/60 and 1.2746, which should be able to halt bullish advancement and return the currency couple to a downward path. Supports, on the other hand, may be found at 1.2565, 1.2508 and 1.2463.

Traders' Sentiment
The shares of bullish and bearish on EUR/USD positions are equal (50%), as sentiment of SWFX market participants' sentiment towards the currency pair remains mixed, regardless of the common currency being the most popular among its major counterparts. Situation with orders is similar, as buy and sell orders constitute 52% and 48% of the market, respectively.

© Dukascopy Bank SA
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