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    EUR/USD to bounce off July 2015 low

    © Dukascopy Bank SA
    "Standard monetary policy strategy says a little less inflation, maybe a little less growth ... argue for just a smidgen slower process of normalizing rates."
    - John Williams, San Francisco Fed President (based on Bloomberg)

    Pair's Outlook
    EUR/USD moved in a wide trading range on Friday, following relatively unsurprising US GDP data. Now the bears are attempting to confirm a two-month triangle pattern. They need to keep the pair below a resistance at 1.0862 (weekly PP; 20-day SMA), in order to shift medium-term expectations strongly to the downside. The bulls, however, are hoping to receive momentum from a new monthly pivot point at 1.0841 and 55-day SMA at 1.0836, which are reinforced by July 2015 low at 1.0808. In the meantime, technical indicators on all time frames are currently pointing to the South.  

    Traders' Sentiment
    SWFX bears remain in the majority of 55% for open positions. Meanwhile, short-range commands to acquire the Euro are positive again in 55% of all cases, up from 47% on Friday.

    © Dukascopy Bank SA

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