© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
The common European currency fell below the 1.12 mark on Tuesday morning against the Greenback. The fall occurs due to the fact that the currency exchange rate did not manage to break the resistance cluster made up of the recently formed weekly and monthly pivot points respectively at 1.1224 and 1.1230 levels. At the moment, it is most likely that the currency pair will move lower, as the closest support is located near the 1.1180 level, where the 55 and 100-day SMAs are located at. Although, daily aggregate technical indicators forecast a surge of the pair by the end of the day.
Traders' Sentiment
SWFX traders remain bearish on the pair, as 57% of open positions are short on Tuesday. In the meantime, pending commands have remained unchanged, as 58% of set up orders are to sell.
© Dukascopy Bank SA