EUR/USD recovers from the Bollinger band

EUR/USD recovers from the Bollinger band

'We haven't seen a lot of contagion from Cyprus to the larger financial markets. Markets are still of the view that a solution is going to be found, which is what's been supporting the euro.' - BNP Paribas SA (based on Bloomberg)

Pair's Outlook

EUR/USD found a support around the Bollinger band at 1.2868 yesterday and advanced firmly almost reaching the weekly PP level at 1.2962. Today the pair fluctuates just beneath the 1.2962/74 area, which also contains the 200-day SMA. This level is the most important resistance, as the price will be able to appreciate in order to close a gap at 1.3069.

Traders' Sentiment

Investors' sentiments towards the major currency pair remain neutral, as both sides possess equal shares of opened positions. Placed orders market is fractionally skewed towards the bearish side, as 53% of orders are ready to sell the Euro