- SWFX market sentiment is 65% bullish
- 51% of pending orders in the 100-pip range are to SELL
- Busy Friday for US data releases
The EUR/USD reveals new junior descending channel on Friday.
The Bureau of Economic Analysis released Gross Domestic Product data that came lower-than-expected of 4.1%, compared with the forecasted 4.2% but better than previous periods.
The US President Donald Trump said: "Somebody actually predicted today 5.3 [percent growth]. I don't think that's going to happen…if it has a 4 in front of it, we're happy. If it has like a 3, but it's a 3.8, 3.9, 3.7, we're OK. These are unthinkable numbers. If I would have used these numbers during the campaign, the fake news back there would've said he's exaggerating".
Non-Farm Employment Change
The week will end with the US Non-Farm Employment Change data released at 12:30 GMT. However, this will be part of host of webinar.
The Dukascopy research team will also cover the US ISM Non-Manufacturing PMI scheduled at 2:00 GMT. All the data releases will be covered on bank live webinar platform.
EUR/USD breaks triangle pattern
In the second half of Thursday's trading session the Euro declined below the lower trend line of a dominant pattern against the US Dollar. Namely, the rate dropped below the support of the large scale triangle pattern.The move occurred in consistency with the junior descending channel pattern, which was revealed on Thursday.
In regards to the future, if the rate passes the support at 1.1580, it is set to fall down to the weekly S2 at the 1.1550 mark. However, the descending channel is too narrow to remain in force and a braking of its upper trend line might happen.
Hourly Chart
The EUR/USD currency exchange rate has revealed a triangle-like pattern on the daily time frame. Furthermore, the 55-hour simple moving average is gradually moving below the price action. This might suggest the exchange rate might be prepared to breakout through the upper boundary of the triangle pattern during the following trading sessions.
Daily chart
SWFX traders are bullish on the EUR/USD pair during the morning session, as 65% of open positions were LONG. However, traders set up orders are also bearish, as 51% of trader set up orders are to SELL the Euro.
Meanwhile, the market sentiments of OANDA traders are bullish on the EUR/USD pair as 61% of open positions are long. In addition, Saxo bank traders are 54% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility