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– Credit Agricole (based on Reuters)
Pair's Outlook
The common European currency appreciated against the US Dollar on Wednesday morning, as it was set to attempt to break the resistance put up by the weekly R2 at 1.1082. Previously, on Tuesday the pair jumped 75 pips or 0.69%. During the surge the rate also broke past three resistance levels, which combined comprise a cluster that now is providing support to the currency exchange rate. The cluster consists of the weekly R1 at 1.1032, monthly PP at 1.1025 and the 20-day SMA at 1.1014.
Traders' Sentiment
Traders are neutral on the pair, as 50% of open positions are long and short. Meanwhile, trader set up orders are bearish, as 56% of pending commands are to sell.
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