© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
On early Friday morning the common European currency once more confirmed the channel up pattern's against the US Dollar lower trend line and moved higher. In general, it can be seen that for the past three consecutive trading sessions the currency exchange rate has been slowly moving northwards while experiencing high volatility, as it rebounded many times against the channel's support line. It is most likely, that the rate will continue these fluctuations and end today's trading higher than the opening price of 1.1222.
Traders' Sentiment
SWFX market sentiment remains unchanged for the sixth consecutive trading session, as 60% of open positions are short. In the meantime, pending commands are 69% to sell the European currency.
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