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– Masashi Murata, Brown Brothers Harriman (based on Reuters)
Pair's Outlook
The common European currency stopped appreciating against the US Dollar and moved lower on Friday morning, as the rate previously encountered resistance in the second half of Thursday's trading session. However, the currency rate had already almost reached the support provided by the weekly R2 at 1.1082, and the pair began to rebound. Moreover, the whole slight move to the downside is consistent with the ascending channel pattern, which has been in force for the past eight trading sessions.
Traders' Sentiment
Traders are almost neutral, as 51% of open positions are short. Meanwhile, trader set up orders are short, as 60% of pending commands are to sell.
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