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– Alexander Koch, Raiffeisen Schweiz (based on Bloomberg)
Pair's Outlook
On early Wednesday morning the common European currency retreated after encountering resistance against the US Dollar. The currency exchange rate hit the first weekly resistance level at 1.0659 and began to retreat until it fell to the second monthly support level at 1.0632, which hindered the fall. However, it is most likely that the Euro will continue its retreat throughout Wednesday's trading session. Previously, during Tuesday's trading session the currency pair fluctuated in a range from 1.0565 to 1.0653.
Traders' Sentiment
Traders once more slightly decreased their bullish outlook, as 54% of open positions were long on Wednesday, compared to 55% on Tuesday. Meanwhile, pending commands were bullish, as 60% of trader set up orders were to sell the Euro.
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