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– Marc Chandler, Brown Brothers Harriman (based on investing.com)
Pair's Outlook
The common European currency remained stuck between the 2015 low level of 1.0462 and the weekly pivot point at 1.0435 against the US Dollar on Tuesday morning. It seems that it is more than likely possible that the currency exchange rate will remain in this level until next year. The reasons for that would be the fact that, by looking at the volume measures, on Monday only half of the usual trading volume occurred. Traders have taken not only Christmas off, but also the whole week. In the meantime, the previous forecast of a fall remains active.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 55% of open positions were long. Meanwhile, 59% of trader set up orders were to sell the Euro.
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