© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency is traded against the US Dollar above the newly formed weekly and monthly pivot points, which are respectively at 1.1224 and 1.1230. Previously, on Friday the currency exchange rate experienced very high volatility of an almost 100 pips range, as the pair bounced between 1.1250 and 1.1153 levels. Although, the Euro is still set to surge against the Greenback, in the recent trading sessions the 1.1250 level has showed a lot of resistance, as it has even made the rate change its direction on its own, without the assistance of other resistance levels.
Traders' Sentiment
Traders changed their thoughts after six consecutive sessions of bearishness, as on Monday 59% of open positions were short. In the meantime, pending orders are 58% to sell the pair.
© Dukascopy Bank SA