Dukascopy - Analytics

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EUR/USD is rejected by monthly R1

© Dukascopy Bank SA
"The euro is being driven by what's happening in the bond market."
- Danske Bank A/S (based on Bloomberg)

Pair's Outlook
EUR/USD rallied as high as monthly R1 on Thursday, thus surpassing the 1.1360 mark. At the same time, the pair halted around these levels, which are also reinforced by the 2014-2015 downtrend line. As a result, the Euro was sent back below the weekly R3 at 1.1245. Should the pair fails to return back above 1.1315 immediately, the risk will then go short and bears will look for a slide towards the 1.11 area (monthly PP, 100-day SMA). 

Traders' Sentiment
The gap between long and short positions is unchanged for the fourth consecutive day, as bulls are still holding 46% of all opened positions. Meanwhile, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot climbed to 56%.

© Dukascopy Bank SA


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