- SWFX market sentiment remain 67% bullish today
- 57% of pending orders in the 100-pip range are to SELL
- Minor macroeconomic releases
EUR/USD remained relatively calm during the morning hours of today's session.
The Energy Information Administration released the US Crude Levels data that came out better-than-expected of 3.8M, compare to forecasted negative 2.6M.
The senior analyst at Dukascopy says: " It was a usual release of US Crude Oil Inventories just like during the rest of the July. It caused a bounce in the range of 40-60 base points."
No major fundamental events
No important macroeconomic data releases are scheduled for today.
EUR/USD extends its losses
Due to the lack of outside pressure, Monday's trading session was relatively calm for the EUR/USD exchange rate, as it remained fluctuating between the 55-hour SMA and a senior channel line. A breakout from this moving average is necessary to consider going long on the pair.Given that technical indicators on the 1H and 4H time-frames are starting to show signs of a possible recovery, this confirmation is expected to occur in the nearest time. The most likely upside target during the following days is the 100– and 200-period (4H) SMAs near 1.1665
Meanwhile, the Euro might be reluctant to move past the weekly S1 located at 1.1540, as this is the pair's lowest position in a year. Thus, even if a surge does not occur today, losses should likewise be limited.
Hourly Chart
The common European currency has been trading in a long-term dominant ascending channel against the Greenback. However, after the pair hit the 1.26 mark on February 19, the pair began to decline. As a result, the exchange rate tested the lower boundary of the pattern and broke the long term ascending pattern few days ago.
Daily chart
SWFX traders are bullish on the EUR/USD pair during the morning session, as 67% of open positions were LONG. However, traders set up orders are bearish, as 57% of trader set up orders are to SELL the currency pair.
Meanwhile, the market sentiments of OANDA traders are bullish on the EUR/USD pair as 64% of open positions are long. In addition, Saxo bank traders are 54% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility