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– Walker England (based on Daily FX)
Pair's Outlook
The common European currency is slowing down its appreciation against the US Dollar, as the currency exchange rate reached the second weekly resistance line at 1.1302. However, the rate has not been stopped by the resistance, as the pair had not only been more volatile to the upside up to the level of 1.1329, but also it traded at 1.1305 by 5:00 GMT. Due to this and other factors, it is most likely that the rate will move north to the second monthly resistance at 1.1353 during this week. However, it is possible, that it retreats to the monthly R1 at 1.1263 before the surge continues.
Traders' Sentiment
Traders have not changed their opinion on the pair, as 61% of open positions remained short on Thursday morning. In the meantime, pending orders are 56% bearish.
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