"I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me."
– Donald Trump (based on Bloomberg)
Pair’s Outlook
During the early hours of Friday’s trading session the common European currency traded near the 1.06 level against the US Dollar, and the pair was positioned for a decline during the day’s trading. The rate had almost erased all the gains of Wednesday, as it fell below the combined support of the 100-day SMA at 1.0626 and the weekly PP at the 1.0621 mark. These levels of significance on Friday were providing resistance, which the pair had failed to break. Due to that reason it is possible that the currency exchange rate will after all decline to the weekly S1, which is located at the 1.0552 level. However, it might stop at the long term channel’s lower trend line near 1.0585 level.
Traders’ sentiment
SWFX traders remain neutral bullish, as 52% of open positions are long. Meanwhile, 52% of set up orders are to sell the Euro.
