‘The Bloomberg dollar index was up 0.3 percent, paring a gain of as much as 1 percent from its Tuesday low that was spurred by two Fed officials signaling that a rate hike would be under consideration at the central bank’s March meeting.’ – Dennis Pettit, Bloomberg
Pair’s Outlook
During the early hours of Thursday’s trading session the common European currency continued its way lower against the Greenback in accordance with the previous forecast. Previously, during Wednesday’s trading session it seemed that the rate will fall below the 1.05 mark. However, that did not occur due to various fundamental reasons. As a result the rate managed to slightly gain by the end of the day, and with it the fall to the weekly S1 at 1.0491 has been delayed. Although, it is still clear that the rate is set to fall to the before mentioned support level.
Traders’ Sentiment
SWFX traders are neutral bullish on the pair, as 51% of open positions are long on Thursday. Meanwhile, 62% of trader set up orders are set to sell the Euro.
