- SWFX market sentiment is 69% bullish
- 59% of pending orders in the 100-pip range are to SELL
- Crude Oil Inventories
The common European currency is gradually gaining strength against the US Dollar as the pair reached the 1.1625 mark during the morning hours of Wednesday's session.
The US Federal Reserve announcement Interest Rates that came in line with expectation of <2.00% and the actual rate of <2.00% .
James McCann, senior global economist at Aberdeen Standard Investments says: The Fed "has already attracted the ire of the president for raising rates. This political interference is clearly unhelpful but may return as September approaches. I can't see Trump's tweets making [Fed Chairman Jerome] Powell change his course but it will be a test of his mettle to navigate the minefield of questions he'll inevitably get."
Crude Oil Inventories
On Wednesday, the US crude oil inventories data will be released at 15:30 GMT. This event will be covered by the Dukascopy research team on bank live webinar, which will begin at 15:00 GMT.
EUR/USD gradually gaining strength
A reversal from the senior channel and a breakout from a junior one was followed by a 48-pip surge on Tuesday. The Euro managed to push through several resistance levels until the 200-hour SMA at 1.1635 was reached early today.Given that the 1.1650 area is likewise strengthened by the 55-, 100– and 200-period (4H) SMAs, bulls could be reluctant to push the rate above this resistance cluster. Technical indicators are likewise bearish for this session. A near-term support target is the 55– and 100-hour SMAs and the monthly S1 at 1.1580.
If no downside pressure pushes the rate below this mark, it is likely that the Euro trades with low volatility in between the aforementioned barriers today.
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 69% of open positions were LONG. However, traders set up orders are bearish, as 59% 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 59% of open positions are long. In addition, Saxo bank traders are 52% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility