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Pair's Outlook
The common European currency traded almost flat on Tuesday morning against the US Dollar. Previously, the currency exchange rate moved lower on Monday, as it moved out of the channel upward pattern, which it started forming in the aftermath of Brexit. Although, it is likely that the rate will surge during today's trading session, as the 55 and 200-day simple moving averages are providing support just below it at 1.1141 and 1.1131. However, the rate would then be stopped by the resistance cluster located above from 1.1176 to 1.1190.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 59% of open positions remain short on Tuesday. In the meantime, pending commands are 57% to sell.
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