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- Omar Habib (based on Daily FX)
Pair's Outlook
The common European currency traded just above the weekly PP against the US Dollar on Friday morning. Previously, on Thursday the currency exchange rate began the day at almost the same position. However, after seeing a lot of volatility the pair ended the day at 1.1243, which is slightly below the opening price of 1.1249. Although, as the general trend of the rate is upwards aimed, and it is in an ascending channel pattern, it is most likely that the pair will soon surge. Moreover, daily aggregate technical indicators confirm the hypothesis of a rise of the exchange rate by the end of today's session.
Traders' Sentiment
Traders have not changed their positions, as they remain 64% short on Friday. In the meantime, pending commands are 54% to sell the pair.
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