– Francois Fillon (based on Bloomberg)
Pair's Outlook
During the early hours of Wednesday's trading session the common European currency attempted to break the resistance against the US Dollar put up by the monthly pivot point at the 1.0685 level. The attempt failed and the currency exchange rate retreated to trade below the 55-day SMA, which was located at the 1.0674 mark. Due to the facts that the pair now faces a strong resistance, and the range of almost 50 base points is almost free below it, a decline of the currency pair is expected. The pair is likely set to decline once more to the 23.60% Fibonacci retracement level, which is located at the 1.0639 level.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 56% of open positions are short. Meanwhile, trader set up orders are neutral.
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