"Geopolitical tensions are what is driving the markets at the moment, which started after the US attacked Syria after the chemical gas attack last week."
- AvaTrade
Pair's Outlook
Economic uncertainty continues to impinge heavily on the European single currency, with the Euro slipping to a five-month low. It is expected that the pair will test the bottom boundary of the descending broadening wedge for the second consecutive day. Reinforced by the monthly S2 and the lower Bollinger band, this level of support may trigger a U-turn. Technical oscillators likewise suggest that a correction may be under way. The upward motion is restricted by the weekly S2 that already limited gains on Wednesday. If no fundamental events change the current situation, a close above this level is doubtful.
Traders' Sentiment
Traders continue to increase their bullish sentiment, as 69% of open positions are long. In addition, 68% of set up orders are to buy the Euro.
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