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- Action Forex (based on investing.com)
Pair's Outlook
On early Monday morning the common European currency surged against the US Dollar, as the currency exchange rate reached the newly calculated first weekly resistance level at 1.0752. However, the pair was stopped by the resistance, which it is most likely to continue to attempt to break through. It is possible that the weekly R1 will be broken, and in such case the rate is set to jump to the 1.08 mark. Although, in case of a bounce off, the pair would fall as low as 1.0666, where the newly calculated pivot point is located at.
Traders' Sentiment
SWFX traders continue to short the Euro, as 53% of trader open positions are short. In addition, 61% of trader set up orders were to sell the Euro.
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