Dukascopy - Analytics

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    EUR/USD gains 80 pips to reach 1.0650

    © Dukascopy Bank SA
    "It's not just that the euro is falling; faith in the currency seems to be crumbling."
    - Standard Bank Group Plc. (based on Bloomberg)

    Pair's Outlook
    After a third unsuccessful attempt to breach the lower Bollinger band at 1.0550, pair decided to change direction of its development and turned attention to the closest resistance at 1.0735. However, considering a 200-pip gap until that mark, EUR/USD managed to advance just up to 1.0650 on Tuesday. Judging from technical indicators, which are still fairly bearish on all time-frames, the yesterday's rebound was temporary and Euro should resume falling in the near-term, with medium-term target at 2015 low (1.0461). 

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market remains positive at 54% in the morning on Wednesday, down two percentage points during past 24 hours. 

    © Dukascopy Bank SA

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