EUR/USD Analysis: In tight trading range

Dukascopy Bank Team Dukascopy Bank SA

“Private and government consumption drove euro-area growth in the third quarter, with trade damping economic output. ”

– Marcus Bensasson (Based on Bloomberg)

Pair’s Outlook
The Euro opened green against the US Dollar Wednesday morning, after re-entering the channel on the hourly chart, but failing to dive underneath the January low of 1.0709. The pair has had a completely non-volatile session due to a lack of market movers, but could show a small green candle that would bounce from the bottom trend-line of the channel at 1.0734. On the other hand, a break below the newly set floor would mean a slip towards the bottom trend-lie of the channel, as it is the only level of significance on its way. Considering the tight range the pair is currently trading in (1.0709-1.0718) it is hard to tell yet what the day will bring.
Traders’ Sentiment
Traders show no change in sentiment with 52% of positions being long, while pessimism reflects in pending orders with 62% of short positions.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0860
2. R2 1.0823
3. R1 1.0772
PP 1.0735
1. S1 1.0684
2. S2 1.0648
3. S3 1.0597

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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