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– based on FX Empire
Pair's Outlook
The common European currency traded just above the newly formed weekly PP at 1.1151 against the US Dollar on Monday morning. In addition, the pivot point is also supported by the 55-day SMA. The currency exchange rate already bounced off the support level once, and no matter if it tests the support once more, the pair is most likely to surge during today's trading session. A surge is also supported by the daily aggregate technical indicators and the fact that the currency pair is close to being oversold.
Traders' Sentiment
SWFX traders are bearish on the pair, as 58% of open positions are short. In the meantime, pending commands are also bearish, as pending orders were 57% short on Monday.
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