EURUSD: Down following the investor sentiment index; the first daily support level good zone to position for a rise?

[RTFX-Trading]

EURUSD: Down following the investor sentiment index; the first daily support level good zone to position for a rise?

The morale of analysts and investors in Germany has deteriorated against all expectations in July, down for the first time since October 2008. The market is currently long EURUSD; we expect a fall, probably into the 1.3916 area, which is the first daily support and close to the 50-day moving average. A rebound from this area to 1.4020 is then expected. A break of 1.3854 would jeopardize this bullish sentiment.

Nicolas Longchamp
RTFX Ltd
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