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Pair's Outlook
The Euro had slightly surged on early Thursday morning against the US Dollar. However, as the whole rate was reviewed on Wednesday, it was revealed that the pair is about to encounter a strong resistance cluster made up of three upper trend lines of various patterns. Due to that on early Thursday morning the rate bounced off the resistance level at the 1.0449 mark. Moreover, this move is consistent with the medium term descending channel pattern, as its upper trend line is also part of the cluster.
Traders' Sentiment
SWFX traders remain bullish, as 57% of open positions were long on Thursday morning. Meanwhile, 59% of trader set up orders were to sell.
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