Dukascopy - Analytics

    Dukascopy

    464.50 6.25/10
    83% of positive reviews
    Real

    EUR/USD faces formidable resistance under 1.10

    © Dukascopy Bank SA
    © Dukascopy Bank SA
    "The ECB's quantitative easing is working, and it has made a positive influence on gross domestic product growth."
    - Vitas Vasiliauskas , ECB Governing Council member (based on Bloomberg)

    Pair's Outlook
    Daily outlook for the most traded FX cross is sidelined for the moment. We see the most important resistance area between 1.0980 (100-day SMA, Dec-Jan downtrend) and 1.1050 (200-day SMA). While the pair keeps trading below this area, the mid-term forecast will tend to have an overall bearish bias. Key target for the bears is 1.08, which consists of several heavy support lines including 55-day SMA, monthly pivot point and Dec-Jan uptrend. A failure below there could trigger some purchasing activity, but inside the current triangle pattern expectations are still neutral.

    Traders' Sentiment
    SWFX bears remain in the majority of 55%, while pending orders are also bearish in both 50 and 100-pip ranges from the spot price in 56% and 54% of all cases, respectively.

    © Dukascopy Bank SA
    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree