- SWFX market sentiment is 62% bullish (-1%)
- 58% of pending orders in 100-pip range are to SELL the Euro
- Weekly Economic Calendar webinar at 12:00 GMT
The Euro has begun a surge against the US Dollar in the aftermath of a consolidation. The fresh weekly pivot point resistance near the 1.1720 mark is set to be reached in the upcoming days.
The Greenback strengthened against the European single currency, following the US Building data release on Tuesday. The EUR/USD currency pair lost two pips, or 0.02%, to continue fluctuating in
the 1.5596 area.
The Census Bureau released Residential Building Permits data that came lower-than-expected with a forecast of 1.35M in May, and lower from the previous period.
A survey showed that builders are: "..increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability."
Start of the week webinar
The day's economic calendar is empty for macroeconomic data release traders. However, there is another event, where to invest your time.
At 12:00 GMT Dukascopy Analytics will host this week's start of the week webinar. During the webinar analysts will explain this week's economic calendar events and take requests for data release covers.
EUR/USD reveals new pattern
The pair is trading in a junior ascending channel pattern, which was set to guide the currency exchange rate up to the first weekly resistance near the 1.1720 mark.
However, in the short term the rate looked like waiting for additional support to begin the mentioned surge. The support most likely would be provided by the approaching 55-hour simple moving average, which would strengthen the support cluster near the 1.1630 mark.
Hourly Chart
The common European currency has fallen considerably against the US Dollar since mid-April which marks a 5.95% plunge within a couple of weeks. The pair started to recover on May 30 after hitting a six-month low of 1.1550. It is expected that this up-move continues in the medium term.
The 1.18 mark should eventually surrender, thus allowing the pair to appreciate until the 55- and 200-day SMAs and the monthly R1 near 1.20.
Daily Chart
Bulls remain in charge
EUR/USD remains strongly bullish with 62% of open positions being long (-1%). This shows that there were no large changes during the weekend.
The outlook for the two currencies against the rest of the traded financial instruments is as follows: the Euro is 57% bullish and the US Dollar is 61% bearish. The data indicates that the surge of the currency exchange rate occurs due to changes in the strength of both currencies simultaneously.
OANDA traders are bullish on the pair with 59% of open positions being long today (-1%). Saxo bank is likewise standing in the bullish territory with 54% long positions (+2%).
Spreads (avg, pip) / Trading volume / Volatility