© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The common European currency continued training below the post Brexit low level of 1.0912 against the US Dollar during Friday morning. Previously, for the whole week the currency exchange rate traded just below the Brexit low level. However, there were some discrepancies, as on Wednesday and Thursday the rate was slowly moving higher and even reached above not only the Brexit low, but the weekly PP and monthly S3 at 1.0929. As the rate failed to break past those resistance levels, it is likely that the pair will move lower eventually.
Traders' Sentiment
Traders remain bullish on the pair, as 59% of open positions are long. In the meantime, pending commands have become increasingly bearish, as 62% of set up orders were to sell on Friday morning, compared to Thursday's 58%.
© Dukascopy Bank SA