© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The Euro is trading below a combined cluster of the 55 and 200-day simple moving averages against the US Dollar, as the currency exchange rate fell below the 1.1150 mark. Although, it was forecasted that the rate will remain squeezed in between two clusters of significant levels, the pair also had reached above the pivot point cluster above, and it touched the 1.12 level. The outlook for the Euro looks grim today, as it is most likely to move lower and search for support in the first weekly support level at 1.1106.
Traders' Sentiment
SWFX traders have slightly decreased their bearish sentiment, as 59% of open positions are short on Wednesday, compared to 61% on Tuesday. In the meantime, long pending commands have decreased from 46% to 42% on Wednesday morning.
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