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– Jeff Zipper, U.S. Bank (based on Reuters)
Pair's Outlook
The common European currency surged against the US Dollar on Wednesday morning, as the currency exchange rate reached back above the 1.04 mark during the early hours of the day's trading session. The move seems to have occurred due to short traders cashing in on their profits before the currency pair reaches the 2003 low level at 1.0331, which is about to provide strong support to the Euro. However, the general downwards trend still persists, and sooner or later the pair is set to continue heading lower.
Traders' Sentiment
SWFX traders remain bullish on the pair, as 59% of open positions were long. Meanwhile, 61% of pending commands were set up to sell the Euro.
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