Dukascopy - Analytics

    Dukascopy

    472.75 6.25/10
    83% of positive reviews
    Real

    EUR/USD to respect down-trend at 1.14

    © Dukascopy Bank SA
    "The testimony is not giving any concrete timing on ... a rate hike. It's very cautious and very couched."
    - BK Asset Management (based on CNBC) 


    Pair's Outlook
    While there is still some upside potential for EUR/USD, the currency pair is likely to be capped by the falling trend-line and 20-day SMA at 1.14. At the same time, most of the technical studies are pointing south. Accordingly, the overall outlook for the Euro is bearish, though the currency needs to breach support at 1.13 to confirm its intentions to go lower, namely to the January low at 1.10. Alternatively, if 1.14 is violated, it will expose supply at 1.15.

    Traders' Sentiment
    The gap between the bulls and bears remains insignificant, merely 2 percentage points, meaning the sentiment is still neutral. In the meantime, the portion of the orders to sell the Euro 100 pips from the current price increased from 60 to 63%.
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree