‘The euro slipped with emerging currencies after Mario Draghi’s dovish message to the European Parliament.’ – Garfield Clinton Reynolds, Bloomberg
Pair’s Outlook
As it was expected the common European currency retreated down to the weekly S1 at the 1.1141 level against the US Dollar. However, it can be observed that the pair is already heading even lower, as the weekly S1’s attracting force has been already left behind. The next support, which will hinder the decline of the common European currency against the Greenback, will be the weekly S2 at 1.1097. Moreover, it is possible that during the week the pair will decline as low as 1.1050 mark, where nearby a strong support cluster is located at.
Traders’ Sentiment
SWFX traders remain bearish, as 61% of open positions are short. However, only 52% of trader set up orders are to sell the Euro.
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