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– Dennis Pettit (Based on Bloomberg)
Pair's Outlook
After posting a 2.5% red candle on Thursday, EUR/USD opened non-volatile and slightly reddish. The pair dived right through the channel up on the hourly chart and appears to be unwilling to attempt a re-entry. The pair is, however, still inside of the senior two-month channel and a bearish market would be in line with the channel expectations of a wave south. Immediate resistance lies at 1.0581 and support – at 1.0635, and if the day goes as calmly as it has opened, EUR/USD could remain squeezed in between the two levels.
Traders' Sentiment
Traders show an improvement in sentiment with 56% of positions being long, while pessimism reflects in pending orders with 65% of short positions.
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