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- Jamie Saettele, CMT (based on Daily FX)
Pair's Outlook
The common European currency traded below the 1.1050 level against the Greenback on Wednesday, as it had found resistance in the second weekly support level at 1.1043. Previously, as the currency exchange rate slowly moved through the first weekly and monthly support at 1.1121 and 1.1133, it plummeted down to the 1.1043, as soon as the before mentioned support levels were passed. It is most likely that the currency pair will move lower to mark new low levels, as it nears the Brexit low level.
Traders' Sentiment
SWFX traders are almost neutral on the pair, as 51% of open positions are short on Wednesday. In the meantime, pending commands are 59% to sell the Euro.
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