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– Mario Draghi (based on Bloomberg)
Pair's Outlook
The common European currency is surging amidst two levels of significance against the US Dollar, as the currency exchange rate approaches the 55-day simple moving average at 1.1197. Previously, the pair fell to the 1.11 level during Friday's trading session. However, there the rate found support and began a surge, which resulted in an almost 50 pip gain by the end of the session. As the rate had rebounded against a descending channel's lower trend line, it is most likely that the currency rate is now set to surge to the 1.1250 level in the near future.
Traders' Sentiment
SWFX traders remain bearish, as 55% of open positions were short on Monday morning. In the meantime, pending commands are close to neutral, as 52% of set up orders are to sell.
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