Dukascopy - Analytics

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EUR/USD keeps trading in horizontal trend

© Dukascopy Bank SA
"If you think you're going to get euro-dollar significantly lower, you need to get an ECB rate cut, a Fed rate hike and some new additional impetus."
- Kit Juckes, Societe Generale (based on Bloomberg)

Pair's Outlook
EUR/USD has been broadly unchanged in value this week so far, owing to lack of any fundamental drivers. At the moment of writing the pair was hovering moderately below the monthly S1 at 1.0768, which acts as the closest resistance for bulls. Bears are still watching the Apr low at 1.0519, but this area is likely to be touched in the medium term. Short term perspectives are therefore remaining neutral, with rallies capped by Jul low at 1.0808 and losses contained by the 1.07 mark.

Traders' Sentiment
SWFX bullish share advanced back to 52% by Wednesday morning. Alongside, the percentage of long pending orders in 100-pip range from the spot price increased to 43%, up from 34% yesterday.

© Dukascopy Bank SA


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