- SWFX market sentiment is 53% bullish today
- Pending orders in the 100-pip range are set to sell in 53% of cases
- US GDP and Durable Goods Orders at 12:30 GMT
The EUR/USD had reached a dominant support. All future forecasts for the EUR/USD are dependent on this level and a strong cluster of technical levels near the 1.1720 mark.
On Wednesday, the US Federal Fed funds rate hike occurred. The full review of the event will be available in the fundamental analysis section with the recording of the live cover webinar in the near future.
US GDP and Durable Goods Orders
Although the US Federal Funds rate hike already occurred on Wednesday, the week is not over for release traders.
On Thursday, the US Durable Goods Orders, Core Durable Goods Orders and Final GDP will be published at 12:30 GMT. The event will be covered by Dukascopy on the bank's live webinar platform. The cover will begin at 12:20 GMT.
In addition, note that heads of central banks are set to give speeches during the day. Mario Draghi at 13:30 GMT. Jerome Powell at 20:30 GMT, and the head of the Bank of Canada at 21:45 GMT.
Moreover, macroeconomic data release traders need to take into account that there will be more releases on Friday. At 08:30 GMT the UK Current Account will be published, and at 12:30 GMT the Canadian GDP data will be published.
EUR/USD short term review
In regards to the near term future, the rate most likely will be squeezed between the 1.1720 cluster and the lower trend line of a dominant pattern. If the pattern's trend line is passed, the 1.1650 level will be reached.On the other hand the pair might break the 1.1720 cluster and surge back up to the 1.1750 level.
Hourly Chart
The dominant pattern is clearly holding ground on the daily chart. If the pattern holds its ground, it should force the rate eventually into the 1.1900 mark by the middle of October.
Daily chart
Before the US rate hike, 52% of traders were long on the Swiss Foreign Exchange. On Thursday, the sentiment had not changed much, as 53% of open positions were long.
Meanwhile, all of the traders on SWFX have prepared pending trade orders, which might be executed in certain situations. All the take profits, stop losses, sell and buy orders were set to sell in 56% of all cases.
Even after the rate hike most traders did not change their positions. However, in theory a rate hike should force the EUR/USD down. If that occurs, traders are ready to short the currency exchange rate.
Spreads (avg, pip) / Trading volume / Volatility