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– Bloomberg
Pair's Outlook
The common European currency surged on Thursday morning against the US Dollar, as the pair began the rate just at the weekly pivot point at 1.0589. The pivot point provided enough support to propel the rate higher. However, previously during Wednesday's trading the currency exchange rate dropped to the 1.0552 mark, from where the initial rebound began. It is most likely that the rate will move upwards and bounce off resistance at 1.0650, where the medium scale pattern's upper trend line is located at. Afterwards the rate will continue its way down.
Traders' Sentiment
SWFX traders have not changed their opinion, as 54% of open positions remain long. Meanwhile, trader set up orders are bearish, as 62% of pending commands are to sell the Euro.
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