- SWFX market sentiment is 62% bullish
- 53% of pending orders in the 100-pip range are to SELL
- Busy fundamental events
The EUR/USD currency exchange rate was stranded between SMAs and pivot points during the morning hours.
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".
Busy fundamental events
There will be several fundamental events today that could influence the EUR/USD currency pair. Namely, US ADP Non-Farm Employment Change, US Crude Oil Inventories, US FOMC Statement and US Federal Funds Rate.
This data releases will be covered by the Dukascopy research team on bank live webinar platform.
EUR/USD returns under SMAs
The Euro edged higher during the morning hours on Tuesday. This appreciation was stopped by the weekly R1 at 1.1740 which increased considerably downside pressure on the pair. As a result, the rate plunged 0.40% during the following hours.The pair has been moving through all three SMAs without any hindrance since last week. This session was not an exception, as the Euro breached the 55-, 100– and 200-hour SMAs early on Wednesday.
Technical indicators are bullish today which means that the rate should return above these SMAs and aim for the two-week resistance at 1.1750 once again.
In general, this session is full of important fundamentals, including the FOMC rate statement; thus, the possible trading range is quite wide—the 1.1600/1.1750 area.
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 prepared to breakout through the upper boundary of the triangle pattern.
Daily chart
SWFX traders are bullish on the EUR/USD pair during the morning session, as 62% of open positions were LONG. However, traders set up orders are SHORT, as 53% 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 50% of open positions are long. In addition, Saxo bank traders are 51% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility