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– Bundesbank (based on Bloomberg)
Pair's Outlook
During the early hours of Tuesday's trading session the common European currency began a decline against the US Dollar. However, it was already expected to occur. The forecast for the currency exchange rate remains the same. The Euro is set to depreciate against the Greenback to at least the weekly PP, which is located at 1.0666. In addition, it is possible that the rate moves as low as 1.0613, where the weekly S1 is located at. Afterwards, a rebound is most likely set to occur, and the pair will continue its way in accordance with the medium term ascending channel pattern.
Traders' Sentiment
Traders remain bearish regarding the Euro, as 54% of open positions are short. In the meantime, 60% of trader set up orders are to sell.
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