Dukascopy - Analytics


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    EUR/USD plunges below 1.10

    © Dukascopy Bank SA
    "Inflation is speeding up a little in the U.S., and we can see the intention to raise rates sometime this year."
    - Okasan Securities Co. (based on Bloomberg)

    Pair's Outlook
    The Euro dropped considerably on Friday, following a short-term rebound back on Thursday. All in all, EUR/USD traded between 1.12 and 1.10, while closing the trading session at the lower bound of this 200-pip range. The 1.10 mark is also represented by the monthly PP, which capped the overall sell-off of the pair. In case the Euro consolidates below this line on Monday, the attention will refocus on the next major support at 1.0860 (weekly S1; Bollinger band). 

    Traders' Sentiment
    The gap between long and short positions remains biased in favour of the latter, as bulls are currently keeping only 47% of all opened positions. Alongside, commands to buy the Euro against the US Dollar in 100-pip range from the spot gained 14% to 51%.

    © Dukascopy Bank SA

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