© Dukascopy Bank SA
– based on FX Empire
Pair's Outlook
The Euro surged against the US Dollar for the four upcoming session before Friday, as the currency exchange rate had gradually climbed from 1.1044 to 1.1116. However, on Friday after an initial surge the pair fell from the reached high to 1.1028, which this month new low. Although, on Monday, the exchange rate started day's trading at 1.1044, and it has climbed to 1.1065 by 5:00 GMT. At the moment, the pair is just below the newly established weekly PP at 1.1070, and it is most likely to struggle with it, as the pivot point provides resistance.
Traders' Sentiment
SWFX traders continue to be bearish on the EUR/USD pair, as 53% of open positions are short. In the meantime, pending orders in the 100-pip range are 67% short.
© Dukascopy Bank SA