EUR/USD in tight trading range

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Private and government consumption drove euro-area growth in the third quarter, with trade damping economic output."  
–  Marcus Bensasson (Based on Bloomberg) 


Pair's Outlook 
The Euro opened green against the US Dollar Wednesday morning, after re-entering the channel on the hourly chart, but failing to dive underneath the January low of 1.0709. The pair has had a completely non-volatile session due to a lack of market movers, but could show a small green candle that would bounce from the bottom trend-line of the channel at 1.0734. On the other hand, a break below the newly set floor would mean a slip towards the bottom trend-lie of the channel, as it is the only level of significance on its way. Considering the tight range the pair is currently trading in (1.0709-1.0718) it is hard to tell yet what the day will bring. 

Traders' Sentiment 
Traders show no change in sentiment with 52% of positions being long, while pessimism reflects in pending orders with 62% of short positions.
© Dukascopy Bank SA

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