© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency was preparing to surge to the 1.1240 level against the US Dollar on Friday morning. Previous session the currency pair already reached above the 1.1240 level, where the weekly R1 is located at. However, the rate retreated from the first weekly resistance after it reached above it, and on early Friday morning the currency exchange rate reached a support cluster below it and began a rebound, as the cluster is located from 1.1202 to 1.1190 and consists of both weekly and monthly pivot points and the 100-day SMA
Traders' Sentiment
SWFX traders remain bearish, as 60% of open positions are short on Friday. In the meantime, pending commands are also bearish, as 59% of set up orders are to sell.
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