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– Chris Kimble, Power of the Pattern (based on investing.com)
Pair's Outlook
The Euro declined on Wednesday morning against the US Dollar, and it could be clearly seen that the currency exchange rate is set to continue the decline. However, this comes after a 1.10% surge in the pair during Tuesday's trading session, which caused the rate's technicals to be reviewed. The common European currency has hit a combined resistance level of two trend lines at 1.0717 against the US Dollar, and as a result the pair is set to fall as low as 1.0625, where the 55-day SMA is located at.
Traders' Sentiment
SWFX traders have become bearish regarding the pair, as 52% of open positions are short on Wednesday. In addition, 60% of trader set up orders are to sell the Euro.
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