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    EUR/USD risks falling from 8-month downtrend

    © Dukascopy Bank SA
    "The fact that they didn't raise rates and wound back expectations for future increases in 2016 has obviously hurt the U.S. dollar."
    - Rochford Capital Pty (based on Bloomberg)

    Pair's Outlook
    EUR/USD rallied for a second day in a row on Thursday, owing to weaker US Dollar in the wake of dovish Fed decisions a day before. As expected, the currency pair eroded the weekly R1 and surged to the August-March downtrend at 1.1320. This one is guarded by another downtrend (October-March) at 1.1345, and success here would allow for an advance beyond the February peak of 1.1377. Daily technical indicators are mixed, but probability of a setback increases. However, support zone below 1.1060 continues to guard the pair from a long-term selloff.  

    Traders' Sentiment
    For the moment precisely four out of ten SWFX market participants are holding long positions on the Euro, down from 41% yesterday and 42% on Wednesday.  

    © Dukascopy Bank SA

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