© Dukascopy Bank SA
– Bipan Rai, Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The common European currency fell after it began Thursday's trading just below the Brexit low level of 1.0912 against the US Dollar. Previously, during Wednesday's trading session the currency exchange rate reached not only above the Brexit low level but also reached above the combined resistance put up by the weekly PP at 1.0927 and monthly S3 at 1.0929. Regarding the rest of Thursday's session it is likely that the rate will continue to move lower, however, the signals are mixed, as it might remain unchanged for today.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 60% of open positions are long. In the meantime, pending commands remain bearish, as 58% of trader set up orders are to sell.
© Dukascopy Bank SA