Dukascopy - Analytics

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    EUR/USD resumes growing

    © Dukascopy Bank SA
    "It looks like we are going to have negative GDP for the first quarter, just based on trade, but we expect a robust rebound in the second quarter. A lot of the headwinds we saw in the first quarter have unwound."
    - RBC Capital Markets (based on Bloomberg)

    Pair's Outlook
    After two consecutive days of losses, EUR/USD renewed its bullish trend on Tuesday, while growth continues taking place in the early morning on Wednesday. Still, considerable resistance is created by 100-day SMA, currently at 1.1257, as well as 38.2% Fibo of Dec-Mar downtrend and 23.6% Fibo of May-Mar downtrend. In case this dense zone is penetrated, the Euro is likely to develop further upwards, by setting eyes at monthly R1 (1.1486). 

    Traders' Sentiment
    Distribution between long and short positions at the SWFX market remains biased in favour of the latter, as bulls are currently in the minority with only 41% of all opened positions, down three percentage points on a daily basis. 

    © Dukascopy Bank SA

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