‘Le Pen is trying to reassure people on the euro.’ – Bruno Cautres, SciencesPo (based on Bloomberg)
Pair’s Outlook
During the early hours of Tuesday’s trading session the common European currency was scoring gains against the US Dollar, as the currency exchange rate passed the 1.09 mark. The pair faces no technical resistance up to the 1.0958 level, where the weekly R1 is located at. Moreover, just above that level of significance there are other levels, which are strengthening the weekly R1. On the other hand the currency pair might retreat by the end of the day, as the closest support is the weekly PP, which is a lone level at 1.0890.
Traders’ Sentiment
SWFX traders remain bearish on the pair, as 61% of open positions are short. In addition, 54% of trader set up orders are to sell.
