© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency depreciated against the Greenback on early Friday morning, as the currency exchange rate had dropped below the support provided by the weekly S2 at 1.1043. Previously, on Thursday the currency pair retreated to the third weekly support at 1.0981, and it rebounded before even touching it. In the aftermath the Euro began to climb and recoup some of its previous losses against the US Dollar, as the rate ended Thursday's trading session at 1.1055. Due to the fact that the rate rebounded at a possible trend line of a channel down pattern, it might be positioned for a surge.
Traders' Sentiment
Traders remain slightly bullish on the pair, as 53% of open positions are long. In the meantime, pending commands are 59% to sell the Euro.
© Dukascopy Bank SA