Dukascopy - Analytics


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EUR/USD rallies for sixth consecutive day

© Dukascopy Bank SA
"This [PBOC devaluation] is about Fed liftoff most obviously and further dollar strength."
- Goldman Sachs (based on Bloomberg)

Pair's Outlook
After substantial turbulence on Tuesday, the most traded currency pair continues gaining value in the morning on Wednesday as well. EUR/USD is intended to consolidate above the long-term downtrend. However, rally will encounter a strong supply area soon, which is located around 1.1080 (weekly R2; 100 and 55-day SMAs). Therefore, unless all mentioned levels are penetrated, our views towards this cross remain moderately pessimistic. 

Traders' Sentiment
The share of bulls was down two percentage points to 46% in the past 24 hours. Meanwhile, the portion of long pending orders in 100-pip range from the spot dropped from 58% to 46%.

© Dukascopy Bank SA

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