EUR/USD squeezed between levels of significance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The euro hit a 2-1/2-week high of $1.0730 in morning trade in Europe on Monday, up half a percent on the day after recovering strongly from falls following Italy's vote."  
–  Reuters 

Pair's Outlook 
Following a volatile session on Monday, EUR/USD took on where it had left off Tuesday morning, posting a red candle outside of the hourly channel at 1.0730. Below the channel line, the pair will test 1.0718/09 if it manages to re-enter the pattern. A successful close below would lead to the channel bottom boundary – weekly Pivot Point confluence around 1.0643/52. In case the motion reverses, the rate will attempt the immediate resistance at 1.0772, with more risk at 1.0802. Nevertheless, the rate could remain squeezed between the channel line and weekly R2 as it is now. 

Traders' Sentiment 
SWFX traders remain slightly bullish on Tuesday, showing 52% of long positions. Meanwhile, pending commands showed a different theme with 61% of orders being to sell.
© Dukascopy Bank SA
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Tue, 06 Dec 2016 08:52:44 GMT

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