- SWFX market sentiment is 66% bullish
- 55% of pending orders in the 100-pip range are to SELL
- US PPI and Jobless Claims
EUR/USD remained stable on Wednesday, as it was pressured from both sides by SMAs.
The Energy Information Administration released the US Crude Inventories data that came out higher-than-expected. Instead of the expected negative 2.8 million, the data came out only 1.4 million negative.
The Australia and New Zealand Banking Group announced on Wednesday: "Crude oil prices rose as the reality of US sanctions on Iran weighed on sentiment."
US PPI and Jobless Claims
On Thursday, there are no major data releases that can change the position for this currency pair. However, there are minor fundamental events. Namely, the US PPI and Unemployment claims.
Meanwhile, the data release will be covered by the Dukascopy research team on the bank's live webinar. The macroeconomic coverage will begin at 12:20 GMT.
EUR/USD moving sideways
EUR/USD was trading sideways on Wednesday, as any significant leaps were restricted by the 100– and 200-hour SMAs. The weekly PP and the monthly S1 are likewise reinforcing these support/resistance lines.The lack of outside pressure stopped any attempt of bears and bulls to push the rate past any of these two barriers. As a result, the three-day ascending channel was not breached.
Technical indicators on the 4H time-frame are tended northwards. However, it is unlikely that large gains occur today, because resistance is strengthened by the 55-, 100– and 200-period SMAs at 1.1650.
Taking this factor into account, the bearish pressure should dominate the pair today and consequently send the Euro closer to its one-year low against the US Dollar at 1.1520.
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 66% of open positions were LONG. However, traders set up orders are bearish, as 55% 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 56% of open positions are long. In addition, Saxo bank traders are 53% also bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility