© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency slightly fluctuated but did not move anywhere against the US Dollar on Tuesday morning, as the currency exchange rate stayed just below the 1.1050 level. Previously, on Monday the currency pair depreciated, as US politics strengthened the Greenback. Today is the US presidential election, which means that technical analysis might not predict the results, as the rate is in the middle of a larger scale descending channel pattern. Traders will rather look at fundamental analysis of the US politics or stick to their old long term trades.
Traders' Sentiment
SWFX traders are bearish on the pair, as 53% of open positions were short on Tuesday morning. Meanwhile, 60% of trader set up orders are to sell the Euro.
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