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- BMO Capital Markets (based on Bloomberg)
Pair's Outlook
The European common currency surged on Wednesday from 1.1062 to 1.1124 at the end of day's trading against the US Dollar. This surge is a continuation of a recovery from the huge drop, which occurred after the results of the UK's referendum on membership in the European Union were published. However, Thursday morning the currency exchange rate has already dropped to 1.11 by 5:00 GMT. In addition, aggregate daily technical indicators forecast a continuation of Euro's depreciation against the US Dollar.
Traders' Sentiment
SWFX traders are still bearish on the pair, as 53% of open positions are short. In the meantime, pending orders in the 100-pip range are 64% short.
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