‘The greenback, lower versus most of its G-10 peers, was down for a fourth day, with the Bloomberg dollar index nursing losses of about 0.2 percent after dropping to its lowest since April 26.’ – Alexandria Arnold and Dennis Pettit, Bloomberg
Pair’s Outlook
The common European currency continued to surge against the US Dollar on Tuesday morning. The currency exchange rate reached above the 1.10 mark and was set to score additional gains. The pair is most likely going to reach the resistance put up by the weekly R1, which is located at the 1.1025 level. Due to the fact that the first weekly resistance is strengthened by three more additional levels of significance, it is highly unlikely that the rate will pass the resistance cluster, which is located from 1.1025 to 1.1057. The rate is more likely to retreat after a few failed attempts.
Traders’ Sentiment
SWFX market sentiment remains bearish, as 63% of open positions are short, and 61% of trader set up orders are to sell the Euro.
