© Dukascopy Bank SA
Pair's Outlook
The common European currency ended Thursday's trading session at the second monthly resistance at 1.1353 against the US Dollar, which marked the fifth consecutive session of gains for the Euro. However, on early Friday morning, the currency exchange rate has changed its direction, as the resistance proved that it has enough strength to change the pair's direction. Due to that, the currency rate bounced off the monthly R2 and traded at 1.1335 by 5:15 GMT on Friday, and it is most likely to fall to the weekly R2 at 1.1302, where the rate might find some support.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 62% of open positions are short on Friday morning. In the meantime, pending commands remained unchanged, as 56% of pending orders are to sell.
© Dukascopy Bank SA