EURUSD Analysis: Positioned for major fall

Dukascopy Bank Team Dukascopy Bank SA

"Trump made no suggestions on how he would pay for his plans."

– Bloomberg

Pair's Outlook
The common European currency opened Wednesday's trading against the US Dollar near the 1.0575 level. However, during the first hours of the day's trading the rate moved lower, and passed the closest support level before a large range without any level of significance. Due to that fact the currency exchange rate positioned itself for a major fall, as the closest support was at the 1.0491 level, where the weekly S1 located at. It is likely that the rate will fall to this support soon, and there it will be stopped for at least a while, as the lower Bollinger band is closing in to support the weekly S1.
Traders' Sentiment
SWFX traders still have not changed their opinion regarding the pair, as 52% of open positions remain long. Meanwhile, 61% of trader set up orders are to sell the Euro.

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

1. R3 1.0581
2. R2 1.0575
3. R1 1.0564
PP 1.0558
1. S1 1.0546
2. S2 1.0540
3. S3 1.0528

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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