© Dukascopy BanK SA
– based on Action Forex
Pair's Outlook
The Euro against the US Dollar pair was volatile during Tuesday's session, as midday it jumped above the resistance cluster made up of weekly PP at 1.1079 and 200-day SMA at 1.1090. However, the pair closed the day's trading session at 1.1060, which is not far from where it started it at 1.1056. On Wednesday morning the currency exchange rate remains almost flat, as it has moved only three pips up, which is from the opening rate of 1.1060 to 1.1064 by 5:00 GMT. If the pair continues to move upwards, it is bound to test again the previously mentioned resistance cluster.
Traders' Sentiment
SWFX traders have not changed their sentiment on Wednesday, as 53% of open positions remain short. In the meantime, pending orders in the 100-pip range are 63% short.
© Dukascopy BanK SA