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– George Saravelos, Deutsche Bank AG (based on Bloomberg)
Pair's Outlook
The common European currency depreciated against the US Dollar on early Tuesday morning, as the currency exchange rate traded below the 1.04 mark. Previously, on Monday the currency pair traded near the 2015 low level, as it attempted to move higher during the early hours of the trading session. However, by the end of the day the Euro moved lower against the Greenback. It is most likely that the Euro will continue its fall, as the next support level is located at 1.0331, where the 2003 low level is located at.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 57% of open positions were long on Tuesday. Meanwhile, trader set up orders were largely bearish, as 61% of pending commands were set up to sell the Euro.
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