- SWFX market sentiment is 58% bearish
- 53.21% of pending orders in 100-pip range are set to buy
- Pair opened Thursday's session at 1.1761
- Upcoming Events: US PPI; US Unemployment Claims
On Thursday morning the EUR/USD currency exchange rate was almost unchanged, compared to Wednesday's levels. However, loads of new information made forecasting easier. All in all, it can be stated that the bearish momentum is to remain in force. The various clues can be read up on below.
The Labour Department showed that the nonfarm productivity rose at a 0.9% annual growth pace in the June quarter, above expectations for a 0.7% rise. Experts suggested that an upward move was supported by higher volume of hours worked, but the overall trend was seen weak, raising doubts that the robust US economic growth nearing 3% year-over-year would be achieved even despite Trump's tax cuts, regulatory rollbacks and higher infrastructure spending.
United States release in focus
On Thursday it is simple. We have cut down the most important and will cover it on the live webinar platform at 12:00 GMT. The US PPI and Unemployment Claims data sets are to be released and covered. Moreover, a notification will pop up on your JForex platform just before the release of the data, which will be the topic on all of the Swing Traders on Thursday.
EUR/USD bounces off previous support
The Euro traded near the previously active long term ascending channel pattern's lower trend line on Wednesday against the US Dollar. However, that ended, as soon as the 55-hour simple moving average moved in from the upside to provide resistance. On Thursday morning it could be observed that every candle since then has been red. The Euro is continuing its decline against the Greenback. In addition, it can be seen that the currency exchange rate made another confirmation of the lower trend line of the descending channel pattern. The pattern was discovered only yesterday. It can be assumed that it will guide the rate lower until a new long term pattern reveals itself.
Hourly Chart
The daily chart reveals the future direction of the currency rate. A medium term decline is in the process. Actually, one should start looking for the borders of a new medium term descending channel. However, one hypothesis can be already made. The currency pair is about to head to the lower trend line of a large scale, long term ascending channel pattern.
Daily Chart
SWFX traders have changed their opinion
The SWFX trader open positions are 58% short. Moreover, the trader set up orders have changed, as 56.69% of commands are to buy the Euro. On Thursday 57.82% of pending commands are to buy, compared to 57.10% of trader orders to sell previously.
Traders of OANDA remain largely bearish, as 68.92% of open positions are short. Meanwhile, SAXO bank clients are also not changing their opinion, as 59.70% of traders are short, compared to 58.54% previously.
Spreads (avg, pip) / Trading volume / Volatility