Dukascopy - Analytics

Dukascopy

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Real

EUR/USD hovers below monthly S2

© Dukascopy Bank SA
"The price action is consistent with our expectation that longer-term oriented market participants will be keen to buy USD above $1.10 and we suspect that underlying flows from euro zone investors will continue to limit scope for EUR rallies."
- BNP Paribas (based on CNBC)

Pair's Outlook
On Tuesday, EUR/USD has initially succeeded in crossing the major resistance line at 1.0942, represented by the monthly S2. It was the second attempt to overcome this important level and the pair has even surged above 1.10. However, bearish pressure returned to the market and the Euro dropped back below this level towards the end of trading day. Taking into account current trading range (just between monthly S2 and 20-day SMA) and mix of fundamental news, the pair is likely to trade sideways on March 25. 

Traders' Sentiment
Bullish opened positions at the SWFX market are accounting for 44% this morning, down one percentage point from Tuesday. 

© Dukascopy Bank SA


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