- SWFX market sentiment is 59% bearish
- 50.70% of pending orders in 100-pip range to sell
- Pair opened Friday's session at 1.1738
- Upcoming Events: US Advance GDP
After the jump of the EUR/USD currency exchange rate , which was caused by the FOMC Statement, the currency exchange rate has retreated. Meanwhile, various clues indicate that the currency pair could stagnate during today's trading session.
The initial reaction to the release of the Census Bureau's report on the US durable goods orders was limited, as markets were focusing on the underlying data rather than the jump in the headline measure, which left the USD/JPY currency pair holding below the 111.40 mark. The report showed that total orders for durable goods in the US surged 6.5% over the course of June compared with a 3.2% uptick expected by economists, while the core gauge posted a 0.2% gain, missing analysts' forecasts for a 0.4% climb in the reported month. Overall, the data released yesterday suggested a steady underlying improvement in conditions despite the fact that the surge was mainly driven by a sharp rise in aircraft orders, which sent capital goods orders soar 19% over the month of June.
US Advance GDP
The most important macroeconomic data releases of them all will occur during today's trading session. The US Aadvance GDP is set to be released at 12:30 GMT. The data release will be covred by the Dukascopy Research team on the live webinar.
EUR/USD trades near 1.17 mark
On Friday morning the common European currency was regaining the losses suffered against the US Dollar. However, the losses were suffered during a period of consolidation, which began in the aftermath of the pair's jump on the publication of the FOMC Meeting minutes. During Friday's trading session the currency pair was set to struggle with the resistance, which is put up by the 2015 high level at the 1.1709 mark. However, as the historical high level has been passed during previous trading sessions, it is unlikely going to hold. Instead, market participants should look at the weekly R1, which is located at the 1.1753 mark. Most likely the 55 and 100-hour SMAs, which were located below the pair during the early hours of the day's trading, will push the pair higher.
Hourly Chart
The daily chart reveals that there is another ascending channel pattern affecting the movements of the currency pair. In accordance with the pattern a short term decline of the EUR/USD currency pair might occur during the next week.
Daily Chart
Bearish sentiment continues to dominate
The situation in the SWFX markets remains unchanged, as SWFX traders are 59% short in regard to the EUR/USD pair. Meanwhile, total number of SWFX trader set up orders are 51.18% bullish.
Traders of OANDA remain bearish, as 62.97% of open positions are short. Meanwhile, SAXO bank clients are also not changing their opinion, as 62.59% of traders are short, compared to 61.96% previously.
Spreads (avg, pip) / Trading volume / Volatility