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– Ilya Spivak (based on Daily FX)
Pair's Outlook
The common European currency slightly surged on Monday, as it moved to the 1.1088 level after bouncing off the 200-day SMA at 1.1078. On Tuesday morning, the currency exchange rate moved lower and reached below the 200-day simple moving average. However, this is the third time that the pair has rebounded against the support of the SMA, and, as the daily aggregate technical indicators forecast a surge for the pair, it is most likely that the exchange rate will surge during Tuesday's trading session.
Traders' Sentiment
SWFX traders continue to be bearish on the pair, as 56% of open positions were short on Tuesday morning. In the meantime, pending commands remain 51% short.
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