© Dukascopy Bank SA
The Euro has managed to recover some of October's losses; although, to our mind it does not seem likely that the common currency will continue to advance for much longer. And there are a couple of reasons for that, even though a cluster of supports (100-period SMA; weekly R1; monthly PP) is near the current trading level. The weekly technical studies are to the downside and also a majority of the SWFX market participants have opened short positions on the pair, namely 67.36% of them.
© Dukascopy Bank SA