- SWFX market sentiment is 55% bullish today
- 54% of pending orders in the 100-pip range are set to SELL
- No more data actually impacting the EUR/USD this week
The EUR/USD has fluctuated in the previous day's trading range. The rate is still set to target the 1.1720 level, where resistance levels are located at. If the resistance levels near the 1.1720 mark are broken, the EUR/USD will be expected to reach the 1.1790 mark where next technical resistance is located at.
The European Single Currency appreciated against the US Dollar, following the United States Retail Sales data release on Friday at 12:30 GMT. The EUR/USD exchange currency rate gained 12 pips or 0.10% during a minute, right after the release.
The Census Bureau released US Retail Sales data that came out lower-than-expected of 0.1%, compared to forecasted 0.4%. Economists and traders closely monitor the US Retail sales because they provide an early read on consumer spending, which drives about two-thirds of the US economic activity.
The August's US Retail Sales 0.1% growth was the weakest growth in the past 6 months due to automobile and clothing sale decrease. That compares to the 0.5% gain from July and missed economists' forecast for 0.4 %, but remained up 6.6 %year-over-year.
No more events impacting the EUR/USD
There will be no more notable data releases that might impact the EUR/USD. However, the most notable event for the macroeconomic traders is still set to occur.
On Friday, the Canadian CPI and Retail Sales data sets will influence the strength of the Canadian Dollar at 12:30 GMT. The rate is expected to fluctuate almost seventy base points during the data release. The event will be covered by Dukascopy Analytics on the bank's live webinar platform at 12:20 GMT.
EUR/USD short term review
As on Thursday morning the EUR/USD traded above two simple moving averages, it was expected to surge up to the 1.1720 mark where the 38.20% Fibonacci retracement level was located together with the R1 of the simple pivot points.If the rate passes the resistance, it should surge up to the 1.1790 level where the next resistance was located at on Thursday.
On the other hand, the pair might fail at passing the 1.1720 and retreat back down to the 55 and 100-hour simple moving averages at the 1.1680 and 1.1670 levels.
Hourly Chart
The large scale ascending pattern, which was discovered on September 11, has pushed the currency rate higher. It can be expected that this pattern will continue to guide the currency exchange rate up to the 1.1900 mark.
Daily chart
Swiss trader short term oriented market sentiment remains long. Namely, 55% of all traders have open long positions.
Meanwhile, all of the traders on SWFX have prepared pending trade orders, which might be executed in certain situations. Of all the take profits, stop losses, sell and buy orders 55% are set to sell the EUR/USD.
This means that, if the rate increases volatility, the retail sector will push the rate down, as it dumps its long positions by taking profits or shorting the EUR/USD.
In general, it can be noticed that the sentiment has not changed much since last week. Most notable is the fact that Dukascopy traders most likely are profiting from the recent surge. Meanwhile, they have set up sell orders to close their long positions and short the rate, if it ends its surge.
Spreads (avg, pip) / Trading volume / Volatility