HomeContributorsTechnical AnalysisEUR/USD Declines Below 1.06 Mark

EUR/USD Declines Below 1.06 Mark

‘Hidden under the surface of European bond markets, traders are placing bets that will pay out if the risks in the euro zone severely escalate.’ – Stephen Spratt, Bloomberg

Pair’s Outlook

The common European currency depreciated on Tuesday morning against the US Dollar, as the currency exchange rate passed the combined support of the weekly PP at 1.0604 and the 55-day SMA at 1.0597. Due to this factor the currency pair is set to continue the fall, as the closest support level to the pair is at 1.0529, where the weekly S1 is located at. Moreover, as the weekly S1 is a lone support level, it is highly possible that it will be also easily passed in the upcoming trading sessions. The closest support below the weekly S1 is the lower Bollinger band, which was near the 1.05 mark on Tuesday.

Traders’ Sentiment

SWFX traders are bullish on the pair, as 52% of open positions are long on Tuesday. Meanwhile, 55% of trader set up orders are to sell the Euro.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading