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– Paul Gordon (Based on Bloomberg)
Pair's Outlook
EUR/USD took up where it had left off, posting a small green candle during the morning session. The pair has re-entered the previously broken channel down, but it still holds little power as the re-entry is just part of the pair's movement inside the ascending channel that has taken over in order to guide the pair to the northern trend-line of the ultimately senior descending channel. Immediate resistance lies at 1.0443, the upper boundary of the irrelevant channel, while demand lies at 1.0389, the bottom line of the ascending channel.
Traders' Sentiment
SWFX traders remain long on the pair, as 59% of open positions are long. Meanwhile, 64% of set up orders are to sell the Euro.
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