Dukascopy - Analytics


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    EUR/USD fails to return back above 1.0760

    © Dukascopy Bank SA
    "The sharp decline in oil prices since the middle of last year has probably been the biggest single factor that has helped an improvement in economic conditions, not only in Europe…"
    - CMC Markets (based on WBP Online)

    Pair's Outlook
    On Wednesday, EUR/USD has mostly repeated the scenario of Tuesday's development. The Euro attempted to jump above 2003 low/20-day SMA, but failed eventually and returned back towards weekly PP at 1.0724. For now the pair is trading just below this mark, and in case it falls beyond 1.07, then the probability of even stronger slump will increase significantly. The medium-term target is still located at 1.06, while technicals  are pointing downwards. 

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market remained unchanged during past 24 hours at 49%. Pending orders to buy the Euro against the US Dollar in 100-pip range from the spot decreased to 37% from yesterday, down five percentage points. 

    © Dukascopy Bank SA

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