Dukascopy - Analytics


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    EUR/USD tries to remain above 2003 low

    © Dukascopy Bank SA
    "I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting."
    - Jeffrey Lacker, Richmond Fed President (based on MarketWatch)

    Pair's Outlook
    On Tuesday, EUR/USD declined significantly for the second consecutive day. Moreover, the Euro tried to penetrate one of the strongest support levels at 1.0760, represented by 2003 low and weekly S1. However, currently this level is succeeding in holding pair's bears from pushing the cross lower. In case the pair consolidates back above 1.0760, it may grow above 1.0811 (monthly PP) in the near-term. On the other hand, in case of bearish success, the common currency will head towards weekly S2 at 1.0617. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 43% this morning as they returned back to the same bullish-bearish distribution as seen on March 30. 

    © Dukascopy Bank SA

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