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- Saed Abukarsh, Ark Capital Management (based on Bloomberg)
Pair's Outlook
The common European currency continues its path lower against the US Dollar, as the currency exchange rate continues exactly as forecasted. The pair has reached the weekly S1, which is located at 1.0568. The rate has found support in the weekly level of significance. However, it is clear that the Euro weakness is set to continue to fall. In that case the closest notable support level will be located at 1.0496. Although, it is most likely that the currency exchange rate will fluctuate above the recently found support for some time before continuing the set path.
Traders' Sentiment
SWFX traders remain neutral bullish, as 52% of trader set up orders are long on Wednesday. In the meantime, 60% of trader set up orders are to sell the Euro.
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