Dukascopy - Analytics

    Dukascopy

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    Weekly PP pushed EUR/USD below 1.08

    © Dukascopy Bank SA
    "Markets are becoming more sensitive to the Greek issue. In addition, the European Central Bank's quantitative easing is keeping downward pressure on the euro. Fundamentals point to euro selling."
    - Bank of America Merrill Lynch (based on Bloomberg)

    Pair's Outlook
    A strong resistance area, created by weekly PP and monthly S2, managed to send the Euro down on Monday. The pair fell closer to the next support represented by the 2003 low/weekly S1 around 1.0760, also by crossing round level of 1.08. However, EUR/USD is not expected to breach this demand with ease, as the second obstacle is located just 40 pips below 2003 low at 1.0709. Therefore, pair is forecasted to stay above 1.0750 in course of Tuesday. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 46% this morning, up three percentage points since Monday. Pending orders to buy the Euro against the US Dollar in 100-pip range from the spot are accounting for 33% in the morning today.

    © Dukascopy Bank SA

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