- SWFX market sentiment is 59% bearish
- 51% of pending orders in 100-pip range are set to BUY
- 55% of traders are bullish on the Dollar
- Upcoming Events: Thanksgiving holiday
Previous trading session the currency rate expectedly spent in limbo between the 1.1860 and 1.1837 levels. No significant price movements are expected today as well even though in general the pair is expected to continue moving to the top.
The EUR/USD exchange rate was shaken slightly over the course of Thursday, when several PMI reports for the Euro zone indicated that fresh growth momentum occurred. The pair jumped 16 base points or 0.13% to the 1.18426 on the first PMI data for France.
Markit releases pointed to the Euro zone's businesses expansions, which were confirmed by stronger-than-anticipated figures. France was the strongest performer with the services PMI jumping to 60.2 versus 57.2 expected. Overall, the Index for the services industry in the Euro zone edged higher to 56.2, remaining above the 50.0 level indicating expansions in the industry. The report provided encouraging signs for the ECB to upgrade growth forecasts for 2017 and 2018 years.
Holiday in US
There are no macroeconomic data releases planned for the today.
EUR/USD struggles to bypass resistance at 1.1860
After making a rapid advance two days ago the currency exchange rate entered into consolidation phase, fluctuating between the 1.1837 support and the 1.1860 resistance levels. As the United States are having Thanksgiving holidays and there are scheduled no fundamental data releases in Europe, the pair is not expected to make any active movements today as well. In support of this assumption, the southern side remains protected by combined support formed by the monthly R1 and the 50% Fibonacci retracement level, while the northern side contains other barriers near the 1.1874 and 1.1860 marks. But, in general, the Euro is expected to continue gaining value against the Dollar in one-month long ascending channel and heading towards the 1.2000 level.
Hourly Chart
Even though the pair failed by bypass resistance at the 1.1860 level, it is still fluctuating in a one-month long ascending channel and expected to continue heading to the top in the upcoming week.
Daily Chart
Traders stay bearish
In result of the previous trading session the bearish market sentiment slightly increased, as 59% of open positions are short now.
In the meantime, the outlook for the two currencies against the rest of the traded financial instruments is the following: the Euro is 65% bearish and the Dollar is 55% bullish.
Traders of OANDA remain bearish, as 66% (+4%) of open positions are short. Meanwhile, SAXO are bearish on this currency pair with 60% (+0%) of open short positions.
Spreads (avg, pip) / Trading volume / Volatility