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– Jamie Saettele CMT (based on Daily FX)
Pair's Outlook
The common European currency started Friday's trading session just below the weekly pivot point at 1.1281. However, without any fluctuations to the downside, the currency exchange rate broke the resistance provided by the pivot point. The currency pair had broken the resistance also on Thursday. At the moment, the pair faces no resistance up to the level of 1.1353, where the second monthly resistance is located at. Moreover, aggregate technical indicators forecast a surge for the day. These facts combined assure that the rate is going up.
Traders' Sentiment
Traders remain bearish on the pair, as 62% of open positions are short on Friday. However, in the past sessions it seems to be slowly moving to the bullish side. In the meantime, pending orders are 57% short.
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