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– Christopher Vecchio, currency strategist (based on Daily FX)
Pair's Outlook
The common European currency slightly fell against the US Dollar on Tuesday morning, as the currency exchange rate moved lower and touched the channel down pattern's lower trend line at 1.1121. Moreover, the trend line is also supported by the first weekly support level at 1.1121 and the lower Bollinger band at 1.1118. This is the third time that the currency exchange rate touches the trend line. It is most likely that the pair is set to soon rebound and begin a medium term surge up to the pattern's resistance line.
Traders' Sentiment
SWFX trader sentiment and pending orders are identical, as both of them are 53% bearish.
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