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– based on Bloomberg
Pair's Outlook
The common European currency fell and confirmed a channel up pattern's lower trend line against the US Dollar on Tuesday and once more on Wednesday. However, the general trend of Wednesday's early morning trading indicates that the support provided by the channel's support line, combined with the 20 and 100-day simple moving averages around the level of 1.1210, is stronger than the resistance put up by the weekly PP at 1.1233. It is most likely, that the Euro will appreciate against the Buck by the end of today's trading session.
Traders' Sentiment
The currency exchange pair is close to being oversold as 64% of open positions are short. However, pending commands are 53% to sell the Euro.
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