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– based on economies.com
Pair's Outlook
The common European currency is surging against the US Dollar on Wednesday, as the currency exchange rate broke through resistance put up by the 55-day SMA at 1.1150 by 5:00 GMT. Previously the rate surpassed the 20-day SMA and monthly PP at 1.1107 on Tuesday and the weekly PP at 1.1122 in the early morning of Wednesday's trading session. Daily aggregate technical indicators forecast a surge for the rest of Wednesday's trading session. However, the weekly forecast shows a fall for the rate, which at the moment seems unlikely.
Traders' Sentiment
SWFX traders increased their bearish sentiment, as 59% of open positions were short on Wednesday morning. In the meantime pending commands are slightly bearish, as 52% of pending orders are short.
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