‘I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me.’ – Donald Trump (based on Bloomberg)
Pair’s Outlook
The common European currency traded above the 1.0650 mark against the US Dollar on Wednesday morning, as the currency exchange rate was approaching the monthly PP, which was located at the 1.0686 level. The pair traded a lot higher and had surged on Wednesday due to comments made by the President of the US Donald Trump, who remarked that he would like to see the Greenback weaker for the purpose of stimulating exports. The rate is most likely going to pass the resistance of the monthly PP and begin to move higher. Afterwards the next resistance is the weekly R2 at 1.0729 mark.
Traders’ Sentiment
SWFX trades have not changed their opinion, as 51% of open positions are long. However, 56% of trader set up orders are to buy.
