‘The euro’s 7 percent gain this year means it’s the best-performing currency against the dollar among the Group of 10 industrialized nations. History suggests its advance may carry on.’ – Mark Gilbert, Bloomberg
Pair’s Outlook
After a retreat back below the 1.12 mark during the second half of Tuesday’s trading session the EUR/USD currency exchange rate has retreated below a significant resistance. On Wednesday early morning the pair was flat below the combined resistance of the monthly R2 at 1.1187 and the 61.80% Fibonacci retracement level at the 1.1190 mark. As the pair remains flat, it can be clear that clues are being expected to reveal the future short term direction. Two possibilities exist. In the case of a breaking of the resistance, the 1.13 mark will be in reach. On the other hand a decline to the weekly PP at 1.1114 might occur.
Traders’ Sentiment
SWFX traders are clearly bearish in regard to the pair, as 59% of open positions are short, and 53% of trader set up orders are to sell.
