Dukascopy_Analyst

EUR/USD risks falling from 8-month downtrend

FX:EURUSD   Euro / U.S. Dollar
118 0 3
"The fact that they didn't raise rates and wound back expectations for future increases in 2016 has obviously hurt the U.S. dollar."
- Rochford Capital Pty             (based on Bloomberg)

Pair's Outlook
EUR/USD             rallied for a second day in a row on Thursday, owing to weaker US Dollar             in the wake of dovish Fed decisions a day before. As expected, the currency pair eroded the weekly R1 and surged to the August-March downtrend at 1.1320. This one is guarded by another downtrend (October-March) at 1.1345, and success here would allow for an advance beyond the February peak of 1.1377. Daily technical indicators are mixed, but probability of a setback increases. However, support zone below 1.1060 continues to guard the pair from a long-term selloff.

Traders' Sentiment
For the moment precisely four out of ten SWFX market participants are holding long positions on the Euro             , down from 41% yesterday and 42% on Wednesday.
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