Dukascopy - Analytics


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    EUR/USD's short-term target remains 1.1145

    © Dukascopy Bank SA
    "[…] the more Fed officials stress that each FOMC meeting is "live" the more market price action suggests market participants are beginning to listen."
    - Bank of Tokyo-Mitsubishi (based on WBP Online)

    Pair's Outlook
    EUR/USD eased for a fourth consecutive working day on Wednesday, but scope of losses remains insignificant. We are still waiting for a testing of the 38.2% Fibonacci retracement of this month's earlier uptrend at 1.1145, which is backed by the 20-day SMA nine pips from below. Within the triangle pattern the long-term goal of the bears is 1.09 where they are going to meet the lower bound of it. On the other hand, aggregate daily indicators maintain a bullish bias, while the 55-day SMA will today cross the 200-day SMA to the upside and will indicate to potentially improving conditions for the Euro.  

    Traders' Sentiment
    The bears are holding a 12 pp majority over their counterparts, while pending orders in both 50 and 100-pip ranges rebounded above 50% for the bullish side.

    © Dukascopy Bank SA

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