– John Follain, Bloomberg
Pair's Outlook
On Thursday morning the common European currency against the Greenback remained below the second weekly resistance, which stopped the pair's Tuesday's jump. The resistance level is located at the 1.0729 mark. It is possible that the currency exchange rate will retreat to the 1.0687 level, where the 20-day SMA together with the monthly PP are located at. On the other hand a break of the weekly R2 would free up the range up to the weekly R3, which is located at the 1.0780 level. However, most likely the pair will remain at the current levels, as the markets are expecting the French presidential elections.
Traders' Sentiment
Traders remain bearish, as 53% of open positions are short. However, 54% of trader set up orders are to buy the Euro.
© Dukascopy Bank SA