‘The euro rose versus most G-10 peers as traders appeared to trim bearish bets after a debate between the two French presidential candidates.’ – Alexandria Arnold and Dennis Pettit, Bloomberg
Pair’s Outlook
The common European currency traded even above the previously expected levels against the US Dollar, as the currency exchange rate was at the 50.00% Fibonacci retracement level on Friday morning. The retracement level is located at the 1.0977 level, and it seems to be providing support for additional Euro gains. The gains are possible, as the upper trend line of the long term ascending channel has been broken due to the recent fundamental changes in Europe. Due to that reason it is possible that the rate will surge above the 1.10 mark by the end of the day.
Traders’ Sentiment
SWFX traders remain bearish, as 58% of open positions are short on Friday. Meanwhile, only 51% of trader set up orders are to sell the Euro.
