- SWFX market sentiment is 63% bullish today
- Pending orders in the 100-pip range are 54% to buy
- CB Consumer Confidence at 14:00 GMT
The EUR/USD has been beaten down by the combination of the 55 and 100-day simple moving averages. By the middle of Tuesday's trading session the currency exchange rate had passed last support level below the 1.1310 mark.
The European Single Currency depreciated against the US Dollar, following the EU Main Refinancing Rate data release on Thursday at 11:45 GMT. The EUR/USD exchange currency rate lost 8 pips or 0.07% during a minute, right after the release. The European Single Currency continued trading at the 1.141.00 area.
The European Central Bank released EU Main Refinancing Rate data that came out in line with expectations of 0.00 %.
The European Central Bank noted: "The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019 ".
Insignificant impact from CB Consumer Confidence
On Tuesday, the US CB Consumer Confidence data will be published at 14:00 GMT. It shown on many economic calendars as a high impact data release. However, historically the data release has caused no notable impact on the currency markets,
Although, due to due diligence the data release will be covered by Dukascopy Analytics. The cover webinar and YouTube stream will begin at 13:50 GMT.
EUR/USD short term review
In regards to the near-term future, the rate is set to push lower, as it has passed the monthly S2 near the 1.1360 mark. The next target for the currency rate is far below, as no additional technical support levels are located at 1.1310. At that level the weekly S1 pivot point is located at.Hourly Chart
The daily chart has been updated to show the previously broken ascending pattern and the two active channel down patterns.
The pair recently bounced off the support of a dominant pattern. Due to that reason it can be expected that the smaller one of the two channel down patterns might be broken in the near future.
Daily chart
Since Monday, 63% of all traders were long on the EUR/USD. The sentiment has been long for a week.
Meanwhile, traders had their pending orders set up mostly to sell the EUR/USD, as 57% of all trader set up orders were set to sell the pair.
Traders want to take advantage of a rebound upwards. However, the retail sector will not provide a push upwards or downwards, as their pending orders are set to sell.
Most likely the orders are take profits and stop losses for the long positions.