© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The Common European currency is trading near the opening price against the US Dollar on Wednesday morning. However, it did fall to the weekly R1 at 1.1230 and rebounded against it during the night to continue a surge, which began on Tuesday. Previously, the currency exchange rate jumped on Tuesday and broke through a strong resistance cluster from 1.1176 to 1.1230. Afterwards, the pair reached above the 1.1250 level, where it ended the day's trading session. As the rate faces no resistance up to the level of 1.1305, it is most likely set to surge during today's trading.
Traders' Sentiment
Traders have increased their bearish sentiment by 2%, as open short positions are 61% of the total SWFX positions. In the meantime, pending commands are almost neutral, as 51% orders are to sell.
© Dukascopy Bank SA