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– Michael Boutros (based on Daily FX)
Pair's Outlook
The common European currency continues to appreciate against the Greenback, as the rate has been flirting with the 1.12 mark for the past sessions. By 5:00 GMT on Tuesday the currency pair was at 1.1197, and it was set to surge to at least the level of 1.1230, where the 100-day SMA and weekly R1 provide a combined resistance. Previously, the currency exchange rate almost touched the before mentioned resistance level, as the Euro reached above the 1.1220 level on Friday. In addition, daily aggregate technical indicators support a surge of the pair during today's trading session.
Traders' Sentiment
SWFX traders continue to be bearish, as 59% of open positions were short on Tuesday morning. In the meantime, pending commands are were 55% bearish.
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