© Dukascopy Bank SA
- based on Forex Crunch
Pair's Outlook
The Euro surged against the US Dollar on Tuesday, as the currency exchange rate moved from 1.1162 at the start of day's trading to 1.1221 by the end of day's trading. However, pair was struggling with the 100-day SMA at 1.1236 on Tuesday, and it moved slightly lower on early Wednesday morning, as the common European currency traded at 1.1212 against the Greenback by 5:00 GMT on Wednesday. Although, as daily aggregate technical indicators forecast a surge for the pair today, the pair is most likely to test the resistance once more.
Traders' Sentiment
SWFX trader sentiment remains bearish on Wednesday, as 61% of open positions are short. In the meantime, pending orders have become more bearish, as on Wednesday 56% of pending commands were short, compared to 53% on Tuesday.
© Dukascopy Bank SA