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– Swati Verma (Based on Reuters)
Pair's Outlook
Following an attack at the 1.0419 level, the pair confirmed its significance with a reversal Friday morning. Immediate resistance now lies at 1.0453 and is likely to steal some momentum from the upward motion. While a green candle at closing is quite a credible scenario for EUR/USD, the pair is still on a streak of losses both short and long term, as it makes its way towards the bottom trend-line of the two-month descending channel. The pair has currently set ground at the aforementioned 1.0419 level with more risk at 1.0313/04.
Traders' Sentiment
SWFX traders mitigated their bullish sentiment to show 55% of all positions being long, compared to 58% on Thursday. Pending orders, however, showed a little less pessimism with 60% (-5%) of shorts.
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