Dukascopy - Analytics

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EUR/USD steps from recent highs

© Dukascopy Bank SA
"There is a massive gap between where Greece is and where European officials feel that the situation is. That's a bit of an uncertain situation for the euro."
- IG Ltd. (based on Bloomberg)

Pair's Outlook
EUR/USD bounced significantly to the downside on the first day of this working week. Bearish impetus was, as expected, provided by the long-term downtrend line around 1.1450, which sent the pair as low as 1.1315 by the end of the trading session. In case the Euro falls below 1.1230 (weekly S1) on Tuesday, the losses can be potentially extended down to 100-day SMA (1.1180) in the near-term, while a possible rebound is unlikely to push the pair beyond 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, no change during the past 24 hours. 

© Dukascopy Bank SA


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