- SWFX market sentiment is 58% bullish
- Pending orders in 100-pip range are set to sell in 52% of all cases
- No US data releases affecting the pair
- Basic chart patterns webinar at 12:00 GMT
By the middle of Wednesday's trading session the EUR/USD pair had been beaten down by a resistance level that can be spotted on the daily chart. Namely, the 55-day SMA has caused a two day decline.
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.
Introduction to chart patterns
Wednesday is set to be busy for webinars, as the schedule is almost full for the day.
At 12:00 GMT the Dukascopy Analytics representatives will host an introduction to chart patterns tutoring webinar. It will be followed by the quick cover of last week's fundamental events.
Meanwhile, there will be data releases occurring the day, which will impact other currency pairs. Namely, the Reserve Bank of Canada will release their interest rate at 14:00 GMT. Afterwards at 14:30 GMT the US Crude Oil Inventories data release will take place.
EUR/USD stranded between SMAs
During the first part of Wednesday's trading session, the EUR/USD exchange rate was stranded between SMAs. The 55-hour simple moving average was providing resistance above while the 100-hour SMAs was providing support below.
Everything being equal, a breakout to either direction is likely to occur within the following trading session.
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 during the first half of this week.
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.
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 53% of open positions were long during the day. Meanwhile, Saxo Bank traders are no longer bearish, as 51% of open positions were long on Wednesday.
Spreads (avg, pip) / Trading volume / Volatility