Dukascopy - Analytics


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    EUR/USD fails to consolidate at 1.13 after NFP

    © Dukascopy Bank SA
    "For the euro to fall below $1.08, there has to be something that challenges the integration of the common currency."
    - Mizuho (based on Bloomberg)

    Pair's Outlook
    EUR/USD's rally on Friday was halted by the 1.13 level, which turned to be a very significant resistance for the cross. Therefore, the common currency bounced back toward 1.12 by the end of weekly trading, despite weak US non-farm payrolls. Nonetheless, the Dollar's overall weakness means the Euro is still poised for gains in the nearest future. At least a rise above the 50% Fibonacci retracement of the Jul-Aug uptrend is needed to change our outlook from neutral to positive. Extra support will be offered by the bunch of moving averages at 1.1162/39.

    Traders' Sentiment
    Distribution between bulls and bears is neutral on Monday morning. Alongside, the portion of long pending orders in 100-pip range from the spot increased from 38% to 43% over the weekend.

    © Dukascopy Bank SA

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