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– Christopher Vecchio (based on Daily FX).
Pair's Outlook
The common European currency fell below the monthly PP against the US Dollar on Friday, as the pair even touched the 1.1046 level during Friday's trading session. However, the currency exchange rate opened Monday's trading session at 1.1078, and it surged to 1.11 mark by 5:30 GMT. At that level the currency pair is facing resistance put up by the 20-day SMA, and, in addition, the monthly and weekly PPs are at respectively 1.1107 and 1.1122. Combined together, these resistance levels provide a strong reason for the Euro to depreciate against the US Dollar.
Traders' Sentiment
SWFX traders have slightly moved their sentiment to the bullish side, as 45% of open positions are long on Monday, compared to 44% on Friday. In the meantime, pending commands are 49% long.
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