‘The euro retained its resilience and stayed close to an one-week high hit during the Asia session despite softer manufacturing data out of France and Italy.’ – Vassilis Karamanis, Bloomberg
Pair’s Outlook
On Friday morning the common European currency traded in the range of the previous trading session against the US Dollar. Namely, the currency exchange rate was located just above the support of the weekly PP, which is located at the 1.1204 level. Meanwhile, it faced the resistance, which kept the pair from surging on Thursday, in the form of the weekly R1 at the 1.1248 mark. From a technical perspective on the daily chart it looks like the pair will break out to the upside. The reason for such a hypothesis is the fact that the weekly PP is supported by the close by located 61.80% Fibonacci retracement level at the 1.1190 level.
Traders’ Sentiment
SWFX traders remain bearish, as 60% of open positions are short. Meanwhile, 53% of pending orders are to buy the Euro.
