- SWFX market sentiment is 63% bullish
- 54% of pending orders in the 100-pip range are to BUY
- Minor Data releases for this currency pair
The Eurozone single currency continues to depreciate against the US Dollar. The exchange rate has reached near a significant support level near the 1.1680mark.
The Census Bureau released the monthly Durable Goods Orders that came out lower-than-expected of 1.0% compare with forecasted 3.0%, but better than previous period.
"A senior investment manager Patrick O'Donnell, from Aberdeen Standard Investments, said: "It looks like the European side is trying to acquiesce to Trump's demands. They've got more to lose if tariffs look to be placed on autos, for example. So over multi-month horizon, we'll probably see lower tariffs globally".
Minor Data releases for this currency pair
On Thursday there are no major data releases that can shift the position for this currency pair. However, there are several fundamental events on the British Pound which is set to occur later in the day.
Meanwhile, Dukascopy research team will host the macroeconomic data releases on Bank live webinar for the UK's fundamental events which is scheduled at 8:30 GMT and 11:00 GMT.
EUR/USD reaches even lower
The common European currency continued its decline on Thursday against the US Dollar, as the currency exchange rate reached below the cluster of levels of significance near the 1.1680 markOn Thursday morning, the currency pair was heading for the lower trend line of a large scale triangle pattern. The trend line most likely will be reached at the 1.1620 mark.
Watch the trend line to see, whether it holds and forces the rate into a rebound or passes the support line and reaches for the monthly S1 near the 1.16 level.
Hourly Chart
The EUR/USD currency exchange rate has revealed a triangle-like pattern on the daily time frame. Furthermore, the 55-hour simple moving average is gradually moving below the price action. This might suggest the exchange rate might be prepared to breakout through the upper boundary of the triangle pattern during the following trading sessions.
Daily chart
SWFX traders are bullish on the EUR/USD pair during the morning session, as 63% of open positions were LONG. Moreover, traders set up orders are also bullish, as 54% of trader set up orders are to BUY the Euro.
Meanwhile, the market sentiments of OANDA traders are bullish on the EUR/USD pair as 57% of open positions are long. In addition, Saxo bank traders are 53% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility