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- Christopher Vecchio, Currency Strategist (based on Daily FX)
Pair's Outlook
The common European currency is appreciated against the US Dollar on Monday morning, as the rate found support in the combined cluster of 55 and 200-day SMAs. Previously, on late Friday evening the currency exchange rate fell, and the Euro booked a day of almost 100 pip loss against the Greenback. It is most likely that the exchange rate will move northwards to the combined cluster of the weekly and monthly pivot points around the level of 1.1195 by the end of today's trading session. However, it is unlikely that the resistance will be broken.
Traders' Sentiment
SWFX traders remain largely bearish on the pair, as 62% of open positions are short on Monday. In the meantime, pending commands are 55% to sell the pair.
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