- SWFX market sentiment is 58% bullish (-1%)
- Pending orders in 100-pip range are set to sell in 60% of all cases
- Weekly calendar review at 12:00 GMT
The Euro started the week against the USD Dollar by reaching a new high level. Moreover, resistance levels were passed creating room for the continuation of the surge.
The European single currency weakened against the Greenback, following the US ISM Non-Manufacturing PMI data release on Thursday at 14:00 GMT. The EUR/USD currency pair lost eight pips in 5 minute range candle, or 0.07%, to continue fluctuating in the 1.1694 area.
The Institute for Supply Management released the monthly US Non-Manufacturing Purchasing Managers' Index data that came out better-than-expected of 59.1, compare to forecasted 58.3.
The news have created a flat down movement of the EUR/USD currency pair, since the data come out better-than-expected. The slight impact shows the absences of the big players in the markets thereat.
Weekly calendar review
The main webinar of the day to join is the weekly calendar review at 12:00 GMT. During the event all of the scheduled macroeconomic data releases will be explained.
However, note that the ECB President has scheduled speeches for Monday, which might influence the strength of the Euro.
Meanwhile, note that the main macroeconomic data release will occur on Friday, when the US CPI data sets will be published at 12:30 GMT.
EUR/USD reveals junior pattern
Namely, on Monday morning the currency pair had surged above the resistance of the 23.60% Fibonacci retracement level, which was located at the 1.1757 mark. Due to that reason the pair faces no resistance up to the 1.1812 level, where the weekly R1 is located at.
Meanwhile, note that a junior ascending pattern was charted on Monday morning, which has guided the currency pair for almost a week.
Hourly Chart
There is additional information to be derived from the daily chart of the EUR/USD currency exchange rate. Namely, the 55-day simple moving average provided resistance to the currency exchange rate Monday.
If that level gets passed, the 1.18 mark, which was the set Dukascopy Anlaytics target for weeks, will be reached.
Daily Chart
Bulls remain in charge
EUR/USD remains strongly bullish with 58% of open positions being long (-1%).
The outlook for the two currencies against the rest of the traded financial instruments is as follows: the Euro is 53% bullish and the US Dollar is 59% bearish.
Traders remain firmly long, as they expect the Euro to gain even more ground against the US Dollar in the near future.
OANDA traders remain with a bullish view, as 54% of open positions were long on Monday. A different situation is apparent with Saxo Bank clients who remain almost neutral with 51% short positions.
Spreads (avg, pip) / Trading volume / Volatility