© Dukascopy Bank SA
– based on Brooks Price Action
Pair's Outlook
The Euro surged marked a session of gains against the US Dollar on Wednesday, as the currency exchange rate increased from 1.1059 at the start of day's trading to 1.1090 at the end of the day. The pair passed the weekly pivot point at 1.1079, and it stopped exactly at the 200-day simple moving average. Thursday morning, the rate is continuing to move higher, as it reached 1.1108 mark by 4:45 GMT. On the way up, the exchange rate is set to move to the monthly PP at 1.1149. However, the 20-day SMA at 1.1128 will likely show some resistance to the pair.
Traders' Sentiment
SWFX traders continue to be bearish on Thursday, as 54% of open positions are short. In the meantime, pending orders in the 100-pip range are 56% short.
© Dukascopy Bank SA