© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency had remained almost unchanged against the US Dollar on Thursday morning, as the currency pair was at 1.12 on early morning. Although, as the rate had tried to surge and was stopped by the 20-day SMA, it had moved lower than the opening price of 1.1204. Previously, the currency exchange rate bounced between the levels of 1.1233 and 1.1189, which is consistent with a channel down pattern, in accordance with which the pair has been trading since September 25. It is most likely that the pair will continue to bounce between the channel's borders.
Traders' Sentiment
Trader sentiment remains unchanged, as 56% of open positions are short. In the meantime, pending commands are 61% to sell the pair.
© Dukascopy Bank SA