‘Political tension is ruling sentiment in European markets once again with concerns centered on elections and tensions surrounding Greece’s debt crisis.’ – Katie Pilbeam, Daily FX
Pair’s Outlook
The common European currency was in a retreat against the Greenback on Thursday, as the currency exchange rate traded above the 1.0650 mark. Previously, the currency pair made an attempt to move past the support cluster made up of the weekly S1 at 1.0659 and monthly PP at 1.0650. However, the pair failed and surged by the end of the day. During Thursday’s trading session the currency exchange rate was set up to make another attempt at the support cluster. If it passes it, the rate will begin its path towards the 55-day SMA, which is located at 1.0604 level.
Traders’ Sentiment
SWFX traders remain slightly bearish on the pair, as 53% of trader open positions are short. In the meantime, 52% of trader set up orders are to sell the Euro, compared to 66% on Wednesday.
