© Dukascopy Bank SA
– Jim Mellon, Burnbrae Group (based on Bloomberg)
Pair's Outlook
On Tuesday morning the common European currency fluctuated around the 1.06 level against the US Dollar. The currency exchange rate had moved lower and found support in the weekly PP at 1.0589. However, the pair did not attempt to break through the resistance at 1.0632, where the monthly S2 is located at. In the meantime, the rate remains inside the descending channel pattern, in which it entered on November 13. The pair has not confirmed the pair's upper trend line, which means that the rate might continue to trade flat until the end of this week.
Traders' Sentiment
SWFX traders have slightly decreased their bullish outlook, as 55% of open positions were long on Tuesday, compared to 56% on Monday. Meanwhile, 63% of trader set up orders are to sell the pair.
© Dukascopy Bank SA