Dukascopy - Analytics


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EUR/USD is unchanged around 23.6% retracement

© Dukascopy Bank SA
"Every time there is talk of a possible Greek deal, as new proposals are submitted, we get a little surge of optimism followed by the inevitable feeling of another let down."
- CMC Markets UK (based on WBP Online)

Pair's Outlook
After a rally observed on Monday, the EUR/USD currency pair decided to hold below the major downtrend line around 1.13 yesterday. Additional resistance for the pair is, however, created by the 23.6% Fibonacci retracement. The broad outlook for the Euro remains unchanged at the moment. The pair is required to consolidate above the monthly R1 (1.1360) in order to confirm the medium-term bullish expectations. The long-term goal for bulls is, in turn, the May high at 1.1470. 

Traders' Sentiment
The gap between long and short positions at the SWFX market has been completely unchanged during the past 24 hours, as bulls are still holding 47% of all opened positions. 

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