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– Aurelija Augulyte, Nordea AG (based on Bloomberg)
Pair's Outlook
On Monday morning the common European currency traded just above the 2015 low level of 1.0462 against the US Dollar. The currency exchange rate began the day below the 1.0450 mark. However, during the early hours of Monday trading the pair managed to surge above the resistance put up by the before mentioned historical low level. It is likely that the rate will reach the next resistance at 1.0495, where the newly calculated weekly PP is located at. Although, it is unlikely that this resistance will be broken.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 56% of open positions were long on Monday. Meanwhile, trader set up orders remained unchanged, compared to Friday, as 60% of pending commands were to sell the Euro.
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