- SWFX market sentiment is 53% bullish today
- Pending orders in the 100-pip range are 52% to sell
- US Retail Sales will end the week for data releases
The EUR/USD has continued to surge on Thursday. However, after reaching a new high level at 1.1350 mark the currency exchange rate retreated down below the 1.13 mark.
The European Single Currency appreciated against the US Dollar, following the US Federal Funds Rate release last Thursday at 19:00 GMT. The EUR/USD exchange currency rate gained 10 pips or 0.09% during a minute, right after the releases. The European Single Currency continued trading at the 1.1370 area against the US Dollar.
The Federal Reserve released US Federal Funds Rate that came out in line with expectation of 2.25%. In addition, the FOMC Statement data release came out on Friday at 19:00 GMT.
Marc Chandler, chief market strategist at Bannockburn Global Forex commented "Fed says little and does less. Recognizes strong economy and acknowledges moderation of business investment, with inflation near target. Nothing to do. No hint at money market pressures or weakness in housing. FOMC to market: See you in December. Gradual hikes to continue."
US Retail Sales will end the week
The week's notable data releases end today. Namely, at 13:30 GMT the US statisticians will publish their retail sector data.For more in-depth analysis of this week's fundamental economic events watch the weekly Monday's Poking the Economic Calendar webinar, which is live each Monday at 12:00 both on Dukascopy telefision and YouTube.
EUR/USD daily review
The rate began a decline due to the turmoil in the EU caused by the British government and their indecisiveness upon a Brexit. The turmoil has spilled over to the EUR/USD. Watch those talks occurring during today's trading session for hints.Meanwhile, from a technical perspective, if the rate passes the support level at 1.1260, it should drop down to the 1.1200 mark.
Hourly Chart
A version of a descending pattern is drawn on the daily chart of EUR/USD. Note the fact that the pattern's lower trend line is strengthening the support cluster at the 1.1200 level.
Daily chart
Since Monday, 53% of Dukascopy traders were bullish on the pair. The neutral sentiment had established itself after the US elections.
Meanwhile, traders are still prepared to sell the EUR/USD, as 58% of all trader set up orders are bearish. Previously, 54% of orders were to sell the pair.
The only change since Wednesday is that the retail traders have set up more sell orders in the expectations of a continuation of the decline of the EUR/USD.