EURUSD Analysis: Aattempts to break resistance

Dukascopy Bank Team Dukascopy Bank SA

"Investors in the euro are getting increasingly concerned about the risks surrounding the French presidential elections, pricing in the options market shows."

- Vassilis Karamanis, Bloomberg

Pair's Outlook
The Euro continued to book gains against the US Dollar during the early hours of Friday's trading session, as the currency exchange rate attempted to break through the resistance put up by the 55-day SMA, which was located at 1.0593. The pair already attempted to move higher during Thursday's trading. However, it failed to pass the SMA. Due to that and the fact that the weekly PP is located just above the SMA at 1.0604, it is most likely that the currency pair will fail once more and retreat lower by the end of Friday's trading session.
Traders' Sentiment
SWFX traders have not changed their open positions proportions for the third consecutive session, as 54% of open positions are long. Meanwhile, 63% of trader set up orders are to sell the Euro.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.0691
2. R2 1.0654
3. R1 1.0599
PP 1.0562
1. S1 1.0508
2. S2 1.0471
3. S3 1.0416

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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