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– Jim Smigiel, SEI Investments Co. (based on Bloomberg)
Pair's Outlook
The common European currency began the week against the US Dollar higher than the previous close by 18 pips, as the currency exchange rate ended Friday's trading at 1.0590 and began Monday's session at 1.0609. Afterwards, during the first hours of the session the pair began to surge and reached the newly calculated first weekly resistance level at 1.0659. It is likely that the rate will bounce off this level and move slightly lower. However, in such case the rate would soon find support in the monthly S2 at 1.0632.
Traders' Sentiment
SWFX traders did not change their bullish outlook on the pair, as 56% of open positions remained long on Monday. Meanwhile, trader pending commands were bearish, as 59% of set up orders were to sell the Euro.
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