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– Michael Hewson, CMC Markets (based on Bloomberg)
Pair's Outlook
On Friday morning the common European currency was in a retreat against the US Dollar, as the currency exchange rate encountered the resistance of the upper trend line of a medium term ascending channel pattern. However, the rate seemed to already have found support by 7:00 GMT, as it encountered the monthly PP at 1.0580. That stopped the fall for the time being. Although, it is most likely that the decline will resume shortly. Previously, during Thursday's trading session the currency pair surged 1.12% from 1.0489 to 1.0606.
Traders' Sentiment
SWFX traders remain slightly bullish, as 54% of open positions were long on Friday morning. Meanwhile, 59% of trader set up orders were to sell the Euro.
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