EUR/USD stopped by 1.2740
Pair’s Outlook
Although EUR/USD seemed to have found strong support at 1.26 when it hit the Aug-Sep down-trend, the rally initiated there was unable to penetrate the resistance at 1.2740. Now the currency pair is unlikely to launch an attack on the 2013 low before it travels down to this year’s minimum at 1.25. But if the Euro closes beneath this level, the next support will be at 1.24—the current location of the monthly S1.
Traders’ Sentiment
Neither the bulls nor the bears have an advantage at the moment—both take up a half of the SWFX market. In the meantime, the share of orders to sell the European currency against the US Dollar grew from 49 to 59%.
Source: Dukascopy- EUR/USD stopped by 1.2740
