EUR/USD surges to 1.12 mark

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"New orders at euro-area factories rose at the weakest pace in 18 months in August as both domestic and export demand faltered amid heightened uncertainty after the U.K. voted to quit the European Union."
– based on Bloomberg

Pair's Outlook 
The common European currency traded at 1.12 against the US Dollar on early Friday morning, as the currency exchange rate surged above the newly formed monthly pivot point at 1.1190. Moreover, this move has confirmed that a channel upward pattern exists, which has been formed since the Brexit. Due to that, it is almost safe to assume, that the currency exchange rate is set to surge in the upcoming month to the 1.14 level. Although, today, the rate will struggle with the 20 and 100-day SMAs, as it is squeezed between them and the monthly PP.  

Traders' Sentiment 
SWFX traders remain bearish on the pair, as 59% of open positions are short. In the meantime, pending orders are 54% to sell.
© Dukascopy Bank SA

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