Dukascopy - Analytics


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    EUR/USD consolidates around 2003 low

    © Dukascopy Bank SA
    "The language from Schaeuble and the default risks have come back to compromise any euro rallies."
    - Canadian Imperial Bank of Commerce (based on Bloomberg)

    Pair's Outlook
    EUR/USD continued to undergo a bullish correction on Thursday. The pair attempted to surge beyond monthly PP, but eventually closed just above 2003 low at 1.0760. Still, short-term outlook focuses on positive development of the Euro. The currency is still likely to try climbing as high as 1.09. At the same time, in case of failure to do that, market expectations will turn back to bearish and EUR/USD will pay attention to recent lows at 1.0520 the next week. 

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market remains positive at 54% in the morning on Friday. On the other hand, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot are at 45%.

    © Dukascopy Bank SA

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