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- BMO Capital Markets (based on Bloomberg)
Pair's Outlook
The European currency surged from 1.1023 to 1.1062 on Tuesday against the US Dollar, as the Euro is slowly recovering after the huge drop it experienced on the results of the UK referendum on EU membership. At the moment, the currency exchange rate is fluctuating around the level of 1.1065, and it has already experienced volatility between the ranged of 1.1050 to 1.1080 today. The rate is most likely to struggle with the 200-day SMA at 1.1096.
Traders' Sentiment
SWFX traders have not changed their slightly bullish sentiment from yesterday, as 52% of all open positions are still short. In the meantime, short pending orders in the 100-pip range have increased from 56% to 66%.
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