‘ECB may upgrade its economic assessment when it meets June 8.’ – Alexandria Arnold and Dennis Pettit, Bloomberg
Pair’s Outlook
After a large increase in the volatility of the EUR/USD currency pair during the second half of Tuesday’s trading session the currency exchange rate remained below the 1.12 mark on Wednesday morning. If no fundamental events and information will inflow into the markets during Wednesday’s trading the currency exchange rate is most likely going to decline. In such case it faces two lone support levels, which might hinder the fall. First of all it is the weekly S1 at the 1.1141 level, and, secondly, it is the weekly S2 at the 1.1097 level, which is supported by the close by 20-day SMA at 1.1077 mark.
Traders’ Sentiment
SWFX traders remain bearish, as 58% of open positions are short. Meanwhile, trader set up pending commands are neutral.
