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- Jamie Saettele, Daily FX
Pair's Outlook
The common European currency reached below the 1.05 mark against the US Dollar during Thursday's trading session and found support there. As a result the currency exchange rate is surging on Friday. There are two possible outcomes from this situation. First of all the rate might reach the weekly PP at 1.0562, which is providing resistance to the pair. On the other hand another attempt at the weekly S1 at 1.0491 by the US Dollar might occur. Due to the recent fall of the Euro it is quite possible that this is just a consolidation move, and another attempt to pass the weekly S1 will occur soon.
Traders' Sentiment
SWFX traders have become bullish on the pair, as 54% of open positions are long on Friday. In the meantime, 61% of trader set up orders are set to sell the Euro.
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