EUR/USD technical outlook lower april 5 2012

forex trading outlook today - EUR/USD technical outlook lower april 5 2012 : The euro hovered near a three-week trough against the dollar on Thursday and could be in line for further losses prompted by a deteriorating economic outlook in the euro zone and a weak Spanish bond auction.


EUR/USD to step lower
'We reiterate our euro-U.S. dollar forecast of $1.28 by end of the second quarter' - BNP Paribas (based on Marketwatch)

Industry outlook
EUR/USD is currently facing a support at 1.3136. In case this level is breached, we might observe a dip to extend to 1.3004 or 1.2974/54. Rallies are to be contained by resistances situated at 1.3366, 1.3385 and 1.3417.

Traders' sentiment
The difference between the amounts of long and short positions opened on EUR/USD has narrowed to 4%, thus the sentiment is currently neutral.

Long position opened
Leading market participants, who have entered EUR/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.3217, 1.3293 and 1.3348.

Short position opened
Key support for pair is situated at 1.3086. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 1.3031 and 1.2955.

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