© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The common European currency moved below the 55-day simple moving average at 1.1150 against the US Dollar, and the currency exchange rate remained below the SMA on Friday morning, as by 5:30 GMT the pair was at 1.1140. As the rate has formed a channel up trend starting with August 4, in accordance with the pattern the currency pair is set to surge during today's trading session, which is also supported by the daily aggregate technical indicators. However, the EUR/USD pair might first move lower to the 1.1122 level, where the weekly PP meets the pattern's lower trend line.
Traders' Sentiment
SWFX traders end this week, as it was started, bearish, as 58% of open positions were short on Friday. In addition, pending commands were also short, as 57% of pending orders were to sell.
© Dukascopy Bank SA