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EUR/USD rallied despite low opening levels

© Dukascopy Bank SA
"There is no explanation for the euro's rise today. No talk of anything specific and everyone we are talking to is struggling to come up with a reasonable explanation. You come in on a bit weaker euro and we spend our session seeing retrace the move. It's been that way for the last ten days."
- Bank of New York Mellon (based on Reuters)

Pair's Outlook
The Euro started trading at low levels on Monday, namely around the 1.12 mark. However, the intraday development confirmed the single currency's strength, as the EUR/USD cross climbed towards the 23.6% Fibonacci retracement at 1.1294. However, it remains quite difficult for the pair to violate at the moment. Moreover, the Euro is required to close even above the recent high at 1.1380 to affirm the bullish intentions for the medium-term. Otherwise, the risk of failure still remains in place. 

Traders' Sentiment
The gap between long and short positions at the SWFX market has been stable for the seventh consecutive trading day, as bulls are still holding 47% of all opened positions. 

© Dukascopy Bank SA


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