Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
    83% of positive reviews
    Real

    EUR/USD remains just below long-term downtrend

    © Dukascopy Bank SA
    "Assets that are over-owned and over-positioned, and so over-valued, come under pressure. That's exactly how I'd describe the dollar earlier this year, which is also increasingly devoid of near-term economic support."
    - JPMorgan Chase (based on Bloomberg)

    Pair's Outlook
    EUR/USD traded in a broad range between 1.1330 and 1.1470 on Friday. Despite that, the pair has mainly remained below the long-term downtrend line, currently placed at 1.1448. Daily technical indicators are still pointing to the north. However, the pair must climb above the monthly R1 (1.1486) in order to confirm the bullish outlook. Bears, in turn, will try to prevent this scenario to happen by pressing the Euro down towards weekly PP at 1.1348. 

    Traders' Sentiment
    The gap between long and short positions remains well-pronounced in favour of the latter, as bulls are currently keeping just 45% of all opened positions. Meanwhile, commands to buy the Euro against the US Dollar in 100-pip range from the spot jumped to 60%.

    © 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