© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency traded at 1.12 against the US Dollar on early Friday morning, as the currency exchange rate surged above the newly formed monthly pivot point at 1.1190. Moreover, this move has confirmed that a channel upward pattern exists, which has been formed since the Brexit. Due to that, it is almost safe to assume, that the currency exchange rate is set to surge in the upcoming month to the 1.14 level. Although, today, the rate will struggle with the 20 and 100-day SMAs, as it is squeezed between them and the monthly PP.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 59% of open positions are short. In the meantime, pending orders are 54% to sell.
© Dukascopy Bank SA