- SWFX market sentiment is 53% bullish today
- Pending orders in the 100-pip range are set to sell in 52% of cases
- CB Consumer Confidence at 14:00 GMT
The EUR/USD reached for the 1.1790 mark, as expected. However, after reaching a new high level above the 1.1800 mark, the currency exchange rate had once more retreated. The move downwards was also expected, as the currency exchange rate still needs to meet with the lower trend line of the medium term channel up pattern.
There haven't been notable data releases affecting the EUR/USD for more than a week now. The previous one was the US Retail Sales release on September 14th.
Due to that reason macroeconomic data traders have been more concentrating on other pairs. However, that is about to change, as on Tuesday a minor impact US data release is set to occur. Read below for more information.
US CB Consumer Confidence might cause volatility
CB Consumer Confidence data release will most likely cause a small reaction in the financial markets. The data release is set to occur at 14:00 GMT, and it will be covered by the Dukascopy Analytics team. The data cover will begin at 13:50 GMT.
Although, the most important day of the week for fundamentals will be Wednesday. The weekly US Crude Oil Inventories will be published at 14:30 GMT. The cover webinar for the release, will start as usual at 14:20 GMT.
Meanwhile, the most important data release will be the release of the US Federal Funds Rate. The Federal Reserve is expected to hike their interest rate to 2.25% from 2.00% at 18:00 GMT. The event will be also covered by Dukascopy Analytics live on the bank's webinar platform.
EUR/USD short term review
In regards to the near-term future, most likely, the rate will move upwards to the monthly R1 at the 1.1792 mark but could bounce off the resistance level to move back to the weekly PP at the 1.1724 level. The 55-hour and 100-hour SMAs will support the rate during the day.On the other hand, the rate might break the monthly R1 resistance to trade in the 1.1800 level near the upper boundary of the ascending trend-line.
Hourly Chart
The large scale ascending pattern, which was discovered on September 11, has pushed the currency rate higher. It can be expected that this pattern will continue to guide the currency exchange rate up to the 1.1900 mark.
Daily chart
Swiss trader short term oriented market sentiment has slightly changed. Namely, 53% of all traders have open long positions. Previously, 52% were long.
Meanwhile, all of the traders on SWFX have prepared pending trade orders, which might be executed in certain situations. All the take profits, stop losses, sell and buy orders were perfectly balanced 50/50 on Monday. On Tuesday, 52% of trader set up orders were set to sell the pair.
Traders were no longer expecting a decline of the EUR/USD. Most likely because the rate had already declined down to a significant support level. Meanwhile, the orders also show that the short term direction of the pair is unclear to the Dukascopy traders.
Spreads (avg, pip) / Trading volume / Volatility