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– Christopher Vecchio, currency strategist, (based on Daily FX)
Pair's Outlook
The most traded currency pair on the market remained flat on Tuesday morning, as the markets expect new data about the strength of the underlying economies. Mainly the CPI data from the EU is set to be out during this week with the Germans being first during today's trading session. From a technical perspective it can be seen that the currency exchange rate is searching for support near the weekly PP at 1.1233. As the 20 and 100-day SMAs move in from the downside, the rate is set to surge in the near future.
Traders' Sentiment
Traders remain largely bearish for this pair, as 64% of open positions are already short. In the meantime, pending commands are almost neutral, as 51% of them are to sell the Euro.
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