© Dukascopy Bank SA
– Michael Boutros (based on Daily FX)
Pair's Outlook
The common European currency surged to 1.1176 against the US Dollar on Wednesday, and on Thursday morning the rate had slightly retreated, as by 5:00 GMT the currency exchange rate was at 1.1170. However, during the morning, the currency pair had fluctuated more to the upside and almost touched the weekly R1 at 1.1197, which might have provided the upside pressure, which made the EUR/USD pair change its direction. As the Euro depreciates against the Buck, it is most likely to find support in the 55-day SMA at 1.1150.
Traders' Sentiment
Trader sentiment remained unchanged on Thursday, as open positions were 59% short on Thursday. In the meantime, pending commands were 53% bearish on the pair.
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