- SWFX market sentiment is 56% bearish
- 55% of pending orders in 100-pip range are set to SELL
- 52% of traders are bullish on the Dollar
- Upcoming Events: Empty Day
In result of previous trading session, the currency rate made a rebound from support zone located between the 1.1730 and 1.1722 marks. Despite the surge the pair is expected to make another rebound from a combination of the weekly PP and the 100-hour SMA.
The Greenback weakened against the European single currency on the US data on Friday pointing to the healthy economic conditions. The EUR/USD jumped 22 base points to the 1.1760 mark, where the bullish sentiment was sustained, putting the pair higher to the 1.1780 level.
The US employment grew at a strong pace in November, confirming the country's healthy economic state, which analysts see not requiring the Donald Trumps' proposed fiscal stimulus, even with the moderate pay growth. The Labour Department showed that non-farm payrolls added 228K positions, while average hourly earnings increased 0.2% in the reported month, boosting the yearly rise in wages to 2.5%. Data also showed the jobless rate unaltered at a 17-year low of 4.1%.
Empty Monday
There are no macroeconomic data releases planned for today.
EUR/USD moves towards 1.1795
New trading week the currency exchange rate started in a movement towards combined resistance level formed by the weekly PP and the slipping 100-hour SMA. Such recovery of the Euro was triggered by a rebound from support zone located between the 1.1730 and 1.1722 levels. In addition to that, depreciation of the buck signified a breakout from the falling wedge formation. In first half of this trading session the pair is expected to continue moving upwards until it reaches an area near the 1.1795 mark. The further surge is unlikely due to additional resistance posed by the monthly PP at 1.1806 and the upper boundary of a junior descending channel.
Hourly Chart
Friday's trading session resulted in a rebound from the 55-day SMA and the 38.2% Fibonacci retracement level. As northern side is secured by the 100-day SMA together with the weekly and monthly PP, the pair is likely to make another turnaround and continue moving horizontally until decision on the Federal Funds Rate.
Daily Chart
Market sentiment is bearish
In result of the previous trading session the bearish market sentiment stayed unchanged, as 56% of open positions are short now.
In the meantime, the outlook for the two currencies against the rest of the traded financial instruments is the following: the Euro is 61% bearish and the Dollar is 52% bullish.
Traders of OANDA remain bearish, as 54% (-4%) of open positions are short. Meanwhile, SAXO are bearish on this currency pair with 57% (+3%) of open short positions.
Spreads (avg, pip) / Trading volume / Volatility