© Dukascopy Bank SA
– Ilya Spivak (based on Daily FX)
Pair's Outlook
The Euro once more approaches the resistance put up by the monthly R2 at 1.1353 against the US Dollar, as the currency rate found support on Monday in the combined support cluster made up of the lower trend line and the weekly pivot point at 1.1281 and the monthly R1 at 1.1263. By 5:00 GMT the currency rate was at 1.1336, and it was surely set to surge at least up to the monthly R2. In addition, daily aggregate technical indicators support a surge during today's trading session. Moreover, the pair is close to being overbought, as the number of open long positions decreases.
Traders' Sentiment
SWFX traders have not changed their outlook on the pair, as 63% of open positions remain short on Tuesday. In the meantime, pending commands are 54% short.
© Dukascopy Bank SA