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– Jan Hatzius, Goldman Sachs (based on Bloomberg)
Pair's Outlook
The common European currency continues to depreciate against the US Dollar, as the rate is in its bounce off from the upper trend line of the medium term ascending channel pattern. During yesterday's trading session the rate passed the support provided by the weekly R1 at 1.0752, and at the moment the closest notable support level on the daily chart is at 1.0666, where the weekly PP is located at. These factors combined support the previously made forecast that the currency exchange rate is about to fall to the weekly PP.
Traders' Sentiment
SWFX traders are shorting the Euro, as 55% of open positions are bearish. Meanwhile, 58% of trader set up orders are to buy the Greenback versus the Euro.
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