© Dukascopy Bank SA
– Andreas Scheuerle, Dekabank (based on Bloomberg)
Pair's Outlook
The common European currency traded almost flat on Monday morning against the US Dollar, as the currency exchange rate fluctuated below the 1.0550 mark. Previously, on Friday the currency pair met with resistance and moves southward to end the session at 1.0529, compared to the opening price of 1.0605. The rate has stopped its lower movements due to a cluster of support made up of the December and April 2015 low levels near 1.0520. It is most likely that the Euro will continue to depreciate against the US Dollar in the near future.
Traders' Sentiment
SWFX trader remain bullish on the pair, as 55% of open positions are long. Meanwhile, trader set up orders have not changed, as 59% of trader set up commands are to sell the Euro.
© Dukascopy Bank SA