Dukascopy - Analytics

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    EUR/USD rebounds above 1.06

    © Dukascopy Bank SA
    "Any reading near or below 300,000 is indicative of incredibly strong labor market conditions based on the historical data."
    - Amherst Pierpont Securities (based on MarketWatch)

    Pair's Outlook
    On Thursday, the Euro rebounded versus the US Dollar as the pair returned above 1.06 round level. However, an increase still seems to be temporary and follows a drop that took place during Tuesday and Wednesday. This assumption was proved by EUR/USD's failure to surpass the resistance at 1.0710 (monthly S3; weekly S1). Therefore, current expectation is for a renewal of the downward tendency, with the medium-term target at 1.0420 (lower Bollinger band). 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 49% on Friday, no change during past 24 hours of trading. Additionally, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot improved to 42% this morning.

    © Dukascopy Bank SA

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