Dukascopy - Analytics

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EUR/USD was stopped by 23.6% Fibo

© Dukascopy Bank SA
"Most of these hedged positions are over-hedged and they have to buy the currencies. We're of the school that you buy the dollar on dips."
- Credit Agricole (based on Reuters)

Pair's Outlook
EUR/USD advanced for a third working day in a row on Tuesday, but the cross failed to overcome the nearest resistance at 1.1295 (23.6% Fibo) and close above the 1.13 round level. According to daily technical indicators, additional testing of this mark is possible in the next 24 hours. However, positive US employment data may push the Dollar substantially upwards today. Additional bearish momentum is expected to be present, in case EUR/USD falls below 20-day SMA/yesterday low at 1.1225.  

Traders' Sentiment
The share of bulls rose further from 46% to 49% yesterday. In the meantime, the portion of long pending orders in 100-pip range from the spot price dropped from 61% to 53% in the past 24 hours.

© Dukascopy Bank SA


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