© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The common European currency moved higher against the Greenback on Tuesday morning, as the currency exchange rate attempted to even break through the resistance put up by the second monthly support level at 1.1026. Previously, the currency pair traded below the 1.10 mark. However, as the outlook seemed unclear, the currency pair rebounded and ended Monday's trading session one pip above the 1.10 level. Due to this rebound, the short term outlook for the pair is a surge for the rest of the week. However, in the long term the rate is still set to fall.
Traders' Sentiment
SWFX traders remain slightly bullish on the pair, as 53% of open positions are long. In the meantime, pending commands remain short, as 58% of set up orders are to sell.
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