© Dukascopy Bank SA
– Al Brooks (based on Brooks Price Action)
Pair's Outlook
The Euro appreciated against the US Dollar on Monday, as it surged from 1.1045 at the start of Monday's trading session to 1.1056 at the end of the day. At the moment, the currency exchange rate has surged on Tuesday morning, as it is at 1.1077, which is just below the resistance put up by the weekly pivot point at 1.1079 and the 200-day SMA at 1.1091. However, the past seven session trend line is also located at around the level of the weekly PP. In addition, there are no supports below, which could stop the rate after it bounces off the resistance cluster.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 53% of open positions are short on Tuesday morning. In the meantime, pending orders in the 100-pip range are 67% bearish.
© Dukascopy Bank SA