EUR/USD Analysis: Trades near 1.08

Dukascopy Bank Team Dukascopy Bank SA

"It's sensible to wonder whether the dollar's recent slide is a sign that post-election euphoria is fading, but by one measure a decline was overdue before Election Day."

– Nir Kaissar, Bloomberg

Pair's Outlook
On Wednesday morning the common European currency traded flat against the US Dollar near the 1.0810 mark, and it was positioned to decline to the 1.0780 level. At the 1.0780 level was located the closest support to the currency exchange rate, as there the weekly PP was located at. Previously, during Tuesday's session, the pair failed to break the resistance put up by the 200-day SMA near the 1.0875 level. As a result the decline of the pair began, as it passed the weekly R1 and 38.20% Fibo, respectively, at 1.0841 and 1.0826. These levels of significance have begun to provide resistance on Wednesday.
Traders' sentiment
Traders have not changed their opinion, as 63% of open positions remain short. Meanwhile, 51% of set up orders are to sell the Euro.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0934
2. R2 1.0904
3. R1 1.0859
PP 1.0829
1. S1 1.0783
2. S2 1.0754
3. S3 1.0708

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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