EURUSD Analysis: Remains below resistance

Dukascopy Bank Team Dukascopy Bank SA

"Twenty-five Nobel Prize-winning economists have united to warn far-right candidate Marine Le Pen against using their ideas to campaign against the euro and the European Union in her bid for the French presidency."

– John Follain, Bloomberg

Pair's Outlook
On Thursday morning the common European currency against the Greenback remained below the second weekly resistance, which stopped the pair's Tuesday's jump. The resistance level is located at the 1.0729 mark. It is possible that the currency exchange rate will retreat to the 1.0687 level, where the 20-day SMA together with the monthly PP are located at. On the other hand a break of the weekly R2 would free up the range up to the weekly R3, which is located at the 1.0780 level. However, most likely the pair will remain at the current levels, as the markets are expecting the French presidential elections.
Traders' Sentiment
Traders remain bearish, as 53% of open positions are short. However, 54% of trader set up orders are to buy the Euro.

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

1. R3 1.0770
2. R2 1.0754
3. R1 1.0732
PP 1.0716
1. S1 1.0695
2. S2 1.0679
3. S3 1.0657

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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