Dukascopy - Analytics

    Dukascopy

    488.50 6.00/10
    83% of positive reviews
    Real

    EUR/USD's bulls find momentum at weekly PP

    © Dukascopy Bank SA
    "We're having a slight relief rally in the euro. Even hearing some kind of optimism is supporting the currency."
    - Standard Chartered Plc (based on Bloomberg)

    Pair's Outlook
    EUR/USD has eroded two important resistance lines on Thursday, by surging considerably above 1.08. As a result, it seems that strong bullish impetus was created by weekly PP at 1.0724, which allowed pair to gain about 100 pips yesterday. However, there are important supply zones ahead of the price. They include last week's high at 1.0848 and 55-day SMA at 1.0945. Only closure above the latter level, however, is likely to change the near-term forecast to bullish. 

    Traders' Sentiment
    The total number of bullish opened positions at the SWFX market jumped unexpectedly by six percentage points from yesterday and surpassed the 50% mark to reach 55% in the morning on Friday. 

    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree