‘With the pair rallying to close higher the past week, more strength is expected in the new week.’ – FXTechstrategy (based on investing.com)
Pair’s outlook
On Monday morning, the common European currency had slightly retreated against the US Dollar, as the currency exchange rate retreated down to the combined support of the 61.80% Fibonacci retracement level at 1.1190 and the monthly R2 at 1.1187. It is most likely that the currency pair remains near the support cluster, as it has surged majorly during the previous week, and a period of consolidation is to be expected. However, afterwards the pair is most likely to continue the surge.
Traders’ sentiment
SWFX traders remain bearish in regard to the Euro, as 60% of open positions are short. Meanwhile, 53% of trader set up orders are to buy.
