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- Michael Hasenstab, Franklin Templeton, (based on Reuters)
Pair's Outlook
The common European currency moved slightly lower on Thursday morning against the US Dollar, as the currency exchange rate still does not manage to find enough support in the cluster below it to rebound. Previously, on Wednesday the currency pair started the day's trading session in the middle of the cluster and fluctuated amidst it until it ended the session at 1.1157, which is just above the 55-day SMA. Due to the combined strength of the support cluster, it is clear that the rate will most likely rebound against it and move to the newly formed monthly pivot point at 1.1190.
Traders' Sentiment
SWFX trader sentiment remains unchanged on Thursday, as 59% of open positions are short. In the meantime, pending commands are 54% to sell the pair.
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