© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency is threading lower against the US Dollar, as the rate has retreated below the Monday's opening price of 1.1174. Previously, on Monday the rate bounced between 20 and 100-day SMAs from the upside around 1.1215 and the 55-day SMA from the downside at 1.1151. It seem that the fall of the rate on Tuesday morning is a continuation of the previous limbo. However, as the SMAs have a downwards aimed direction, it is most likely that the rate will fall, as soon as it stops bouncing between the levels.
Traders' Sentiment
Traders remain bearish on the pair, as 61% of open positions are short on Tuesday. In the meantime, pending commands are 53% short.
© Dukascopy Bank SA