Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
    83% of positive reviews
    Real

    EUR/USD remains in vicinity of 1.11

    © Dukascopy Bank SA
    "The euro will continue to decline because the ECB has more ammunition" to carry out stimulus."
    - Toronto-Dominion Bank (based on Bloomberg)

    Pair's Outlook
    Downside risks for the Euro are on the table, considering that EUR/USD has tumbled for a fifth day in a row on Thursday. The bears are still unable to penetrate the 1.11 support area, with gains contained mainly by the weekly S1 and 20-day SMA. From here we foresee a rebound on Friday, even though the first formidable resistance at 1.1238/46 (weekly PP; monthly R3) seems to be out of reach over the next 24 hours. Alongside, a drop below 1.1098 will put at risk the 200-day SMA (1.1049) and success here will expose the three-month uptrend at 1.0923.  

    Traders' Sentiment
    For a third consecutive day the advantage of the short market participants over long traders is unchanged at ten percentage points, while orders are also slightly bearish (52-53%) on the Euro.

    © 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