- SWFX market sentiment is 67% bullish
- 54% of pending orders in the 100-pip range are to BUY
- Visual Jforex review at 12:00 GMT
Decline for the currency pair continues on Monday morning.
The US Federal Reserve announcement Interest Rates that came in line with the expectation of 2.00% and the actual rate of <2.00%.
James McCann, senior global economist at Aberdeen Standard Investments says: The Fed "has already attracted the ire of the president for raising rates. This political interference is clearly unhelpful but may return as September approaches. I can't see Trump's tweets making [Fed Chairman Jerome] Powell change his course but it will be a test of his mettle to navigate the minefield of questions he'll inevitably get."
Visual Jforex review
On Monday, Dukascopy research team are planning to host one webinar. Namely, Visual Jforex trading review scheduled at 12:00 GMT on bank live webinar platform.
EUR/USD trading in a narrow channel
Downside risks continue to prevail with the EUR/USD exchange rate, thus pushing it lower for the third consecutive session. This short-term depreciation has sent the Euro to a new one-month low at 1.1560. This mark is likewise close to a one-year low located near 1.15.Friday's trading session shows that this weekly decline is starting to allay. This means that a recovery is expected either today or tomorrow. The Euro has to overcome the strong resistance of the 55-hour SMA near 1.16 to fully accelerate against the US Dollar. In this case upside potential is apparent until the weekly R1 at 1.17.
Given that this session is calm in terms of fundamental data releases, the pair may lack the necessary upside momentum to breach the given moving average. Thus, it could fluctuate in the 1.1510/1.1600 range today.
Hourly Chart
The EUR/USD currency exchange rate has revealed a triangle-like pattern on the daily time frame. Furthermore, the 55-hour simple moving average is gradually moving below the price action. This might suggest the exchange rate might be prepared to breakout through the upper boundary of the triangle pattern during the following trading sessions.
Daily chart
SWFX traders are bullish on the EUR/USD pair during the morning session, as 67% of open positions were LONG. Moreover, traders set up orders are also bullish, as 54% of trader set up orders are to BUY the Euro.
Meanwhile, the market sentiments of OANDA traders are bullish on the EUR/USD pair as 62% of open positions are long. In addition, Saxo bank traders are 55% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility