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– Crispian Balmer and Gavin Jones (Based on Reuters)
Pair's Outlook
EUR/USD opened Monday's session with a 0.3% gap from the Friday close, and went on to show a red candle in the making. The pair slid beneath the weekly S1 at 1.0581 with ease, and is currently targeting November lows at 1.0550. Given the scope of the early dive, the rate could post significant losses this session and leave little to December 2015 lows at 1.0522. A close below this level would strengthen the bullish outlook and tackle levels unseen since March 2015 – a scenario that is starting to gain more and more ground as the set of daily and hourly channels go out of line.
Traders' Sentiment
SWFX traders remain slightly bullish on Monday, as keeping 53% of positions long. Meanwhile, pending commands showed a different theme with 62% of orders being to sell.
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