- SWFX market sentiment is 54% bullish
- Trader pending orders are 63% to sell
- Pair opened Thursday's session at 1.0581
- Upcoming Events: US New Home Sales, Revised UoM Consumer Sentiment
In the meantime, continuing claims fell 17,000 to 2.06 million during the week ended February 11, while their four-week moving average dropped 10,750. Overall, the Federal Reserve is widely expected to increase interest rates fairly soon, with labor market and inflation data set to reveal better performance. The last time the Fed raised its benchmark overnight rate was in December last year, when the rate was increased from 0.5% to 0.75%.
Upcoming events: Two minor data releases in US
The fundamental events in the US today will be, for the most part, not very significant and are not likely to affect the exchange rate between the Euro and the Buck. The two data releases that are planned for today are US New Home Sales and Revised UoM Consumer Sentiment scheduled for 15:00 GMT.
EUR/USD attempts to break resistance
Daily Chart: The Euro continued to book gains against the US Dollar during the early hours of Friday's trading session, as the currency exchange rate attempted to break through the resistance put up by the 55-day SMA, which was located at 1.0593. The pair already attempted to move higher during Thursday's trading. However, it failed to pass the SMA. Due to that and the fact that the weekly PP is located just above the SMA at 1.0604, it is most likely that the currency pair will fail once more and retreat lower by the end of Friday's trading session.Daily chart
Hourly chart: The hourly chart shows that the common European currency has surpassed all the hourly moving levels of significance and is now held only by the hourly static resistance levels, such as the weekly PP at 1.0604. In addition, it seems that the exchange rate is currently moving in a rising wedge pattern, which may indicate that the Dollar is bound to fall even further.
Hourly chart
Markets remain bullish
SWFX traders have not changed their open positions proportions for the third consecutive session, as 54% of open positions are long. Meanwhile, 63% of trader set up orders are to sell the Euro.
OANDA traders have decreased their bullish view on the pair, as 55.95% of trader open positions are long at the marketplace, compared to 58.50% previously. Alternatively, SAXO bank clients are slightly more bearish on the pair, as 51.92% of the bank's clients are shorting the pair, compared to 50.48% on Wednesday.