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- Vassili Serebriakov, Credit Agricole CIB (based on Bloomberg)
Pair's Outlook
The common European currency was almost unchanged against the US Dollar on Monday morning near the level of 1.06. However, the pair still was in the middle of the descending channel pattern, in which it had been moving lower since encountering the 55 and 100-day SMAs at 1.1135 on third of November. It is most likely that the currency exchange rate will continue to move lower, as the closest support cluster is located around the 1.0520 level. The pair will probably find support there at some point during the week.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 59% of open positions were long on Monday. Meanwhile, trader set up pending commands remain bearish, namely 63% of set up orders are to sell.
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