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– Steven Saywell, BNP Paribas (based on Bloomberg)
Pair's Outlook
The common European currency, as forecasted, found support in the monthly PP at 1.0580 against the US Dollar during Monday's trading session. Due to that reason the currency exchange rate began a surge, which lasted into Tuesday. However, on Tuesday morning the currency pair encountered resistance and began to decline. It is most likely that the rate will decline once more at least until the weekly PP at 1.0594 or the previously mentioned monthly PP. In the meantime, a fall of the Euro is still expected on a larger scale.
Traders' Sentiment
SWFX traders remain neutral on the pair. In the meantime, 67% of trader set up orders are set up to sell the Euro in favor for the US Dollar.
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