© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency started a new week against the US Dollar at 1.1234, which is slightly above the weekly pivot point at 1.1233. Due to that, the pair is most likely to surge during Monday's trading session, as the currency exchange rate faces no resistance up to the level of 1.1326, where the first weekly resistance is located at. The weekly R1 is also a part of a stronger cluster, as the monthly R1 and the upper Bollinger band are located respectively at 1.1334 and 1.1337.
Traders' Sentiment
Trader sentiment has not changed since Friday, as open positions are 63% short. In the meantime, pending commands are neutral.
© Dukascopy Bank SA