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– Su-Lin Ong, Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
The common European currency slightly surged on Wednesday morning against the US Dollar, as the currency exchange rate was in a rebound against the January low level of 1.0709. Previously, during Tuesday's trading session the currency pair bounced between the January low level and the March low level of 1.0822. In addition, the March low is strengthened by the first monthly support level at 1.0806. Moreover, the January low is supported by the lower Bollinger band at 1.0695 and the weekly S1 at 1.0688. It is most likely that the rate will continue to bounce between the two clusters.
Traders' Sentiment
Traders have not changed their opinion since yesterday at all. Open positions remain 58% long, and trader set up orders are still bearish, namely 65% of pending commands are to sell.
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