‘Draghi’s four-year inflationary campaign has so far failed to put price growth on a self-sustaining path toward the ECB’s goal of just under 2 percent.’ – Alessandro Speciale, Bloomberg
Pair’s Outlook
On Monday morning the common European currency began the week against the US Dollar below the resistance near the 1.1190 level. Near that level, at 1.1187, is located the monthly R2, and exactly at the 1.1190 mark resides the 61.80% Fibonacci retracement level. The currency exchange rate is expected to decline down to the first weekly support level, which is located at the 1.1141 mark. As it is a lone support level, it is highly possible that it will be passed and the pair will set its course for the weekly S2 at 1.1097.
Traders’ Sentiment
SWFX traders remain bearish, as 60% of open positions are short. However, only 51% of trader set up orders are to sell the Euro.
