- SWFX market sentiment is 58% bullish
- 60% of pending orders in the 100-pip range are to SELL
- US CB Consumer Confidence
The currency exchange rate is gradually moving towards a resistance set by the weekly pivot point near the 1.1732 mark.
The Census Bureau released the monthly Durable Goods Orders that came out lower-than-expected of 1.0% compare with forecasted 3.0%, but better than previous period.
"A senior investment manager Patrick O'Donnell, from Aberdeen Standard Investments, said: "It looks like the European side is trying to acquiesce to Trump's demands. They've got more to lose if tariffs look to be placed on autos, for example. So over multi-month horizon, we'll probably see lower tariffs globally".
US CB Consumer Confidence
The main fundamental event today that can move the position of the EUR/USD currency pair is the US CB Consumer Confidence at 14:00 GMT. This data release is likely going to be covered by the senior analyst of the Dukascopy research team at bank live webinar.
EUR/USD narrow ascending channel revealed
EUR/USD has diminished its trading range in between two trend-lines. It was previously expected that the Euro weakens against the US Dollar on Monday; however, the week started with strong bullish momentum which allowed the pair to dash through significant resistance formed by the 55-, 100– and 200-hour SMAs near 1.1680 mid-sessions.It is likely that this cluster supports the rate today, thus adding bullish pressure. The pair should move towards a two-week resistance level at 1.1750. The 23.60% Fibo retracement is likewise located there.
If this area is surpassed, the Euro should eventually accelerate and aim for 1.19 within the following month. This scenario is supported by technical indicators on the daily time-frame.
Hourly Chart
The EUR/USD currency exchange rate has revealed a triangle-like pattern on the daily time frame. Furthermore, the 55-hour simple moving average is gradually moving below the price action. This might suggest the exchange rate might be prepare to breakout through the upper boundary of the triangle pattern.
Daily chart
SWFX traders are LONG on the EUR/USD pair during the morning session, as 58% of open positions were bullish. However, traders set up orders are bearish, as 60% of trader set up orders are to SELL the Euro.
Meanwhile, the market sentiments of OANDA traders are bullish on the EUR/USD pair as 51% of open positions are long. In addition, Saxo bank traders are 51% also bearish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility