Dukascopy - Analytics

    Dukascopy

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    EUR/USD preparing to test 1.05

    © Dukascopy Bank SA
    "Twenty-five percent currency weakening and a 50 percent decline in oil prices in the space of seven months might be unprecedented."
    - BNP Paribas (based on Reuters)

    Pair's Outlook
    Despite being initially capped by strong demand area around 1.0710 (monthly S3; weekly S1), EUR/USD's bears eventually managed to push the pair even more to the downside. The pair dropped more than 100 pips for a third time in four days as the single currency plummeted below weekly S2 and approached major level of 1.05. On Thursday, the cross is estimated to probe strength of this  important psychological level, and a plunge below it will open the way towards the next support as low as 1.0307 (weekly S3). 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 49% on Thursday, down three percentage points during past 24 hours of trading.

    © Dukascopy Bank SA

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