© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency slightly rebounded against the US Dollar on Thursday morning, as the currency exchange rate encountered the support of a channel down pattern. Previously, the currency pair moved through a support cluster comprised of the weekly and monthly S2s at 1.1043 and 1.1026. As at the moment the previous support cluster is providing resistance, it is most unlikely that the currency exchange rate will surge. Nevertheless, the Euro attempted to regain some of the losses and break through the resistance.
Traders' Sentiment
Traders have picked a side and become bullish, as 54% of open positions are long on Thursday. In the meantime, pending commands remain short, as 57% of set up orders are to sell.
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