- SWFX market sentiment is 59% bullish (-2%)
- Pending orders in 100-pip range are set to sell in 65% of all cases
- US employment at 12:30 ends the week
The EUR/USD currency exchange rate has continued the previously started surge by booking a new high level on Friday. In addition, the pair is expected to continue the surge.
The European single currency weakened against the Greenback, following the US ISM Non-Manufacturing PMI data release on Thursday at 14:00 GMT. The EUR/USD currency pair lost eight pips in 5 minute range candle, or 0.07%, to continue fluctuating in the 1.1694 area.
The Institute for Supply Management released the monthly US Non-Manufacturing Purchasing Managers' Index data that came out better-than-expected of 59.1, compare to forecasted 58.3.
The news have created a flat down movement of the EUR/USD currency pair, since the data come out better-than-expected. The slight impact shows the absences of the big players in the markets thereat.
US Employment data sets
The week will end with the US monthly employment data package being released at 12:30 GMT. However, it will be a part of a larger webinar.
Namely, Dukascopy Analytics will host an hour long webinar with three topics. First will be the presentation of a Twitter stock review article. Second will follow the data release of the US data sets. Third and concluding will be the presentation of the latest technical analysis tool article.
The event will start at 12:00 GMT on the bank's live webinar platform.
EUR/USD continues its path higher
The currency exchange rate is continuing its surge, as new high levels are booked in the medium scale ascending channel pattern. However, there is one new notable aspect.
It was spotted on Friday morning that the 1.17 mark is providing psychological support to the Euro against the Greenback. Meanwhile, the same target of 1.1760 is aimed at.
Hourly Chart
The common European currency has fallen considerably against the US Dollar since mid-April which marks a 5.95% plunge within a couple of weeks. The pair started to recover on May 30 after hitting a six-month low of 1.1550. It is expected that this up-move continues in the medium term.The pair has fluctuated in the 1.1545/1.1800 range since mid-May. The 1.18 mark should eventually surrender, thus allowing the pair to appreciate until the 200-day SMAs near 1.20.
Daily Chart
Bulls remain in charge
EUR/USD remains strongly bullish with 59% of open positions being long (-2%).
The outlook for the two currencies against the rest of the traded financial instruments is as follows: the Euro is 54% bullish and the US Dollar is 59% bearish. Despite the strong fall apparent last week, traders nevertheless expect some weakening of the US Dollar. In case the Euro is starting to become more bullish, this might indicate to appreciation in the medium term.
OANDA traders remain with a bullish view, as 55% of open positions were long on Friday. Previously, 56% were long. A different situation is apparent with Saxo Bank clients who remain almost neutral with 51% long positions.
Spreads (avg, pip) / Trading volume / Volatility