‘Because the daily chart is at the neck line of a head and shoulders bottom, there is a 40% chance of a strong breakout and a measured move up.’ – Al Brook, Brooks Price Action (based on investing.com)
Pair’s Outlook
On Friday morning the common European currency traded against the US Dollar near the support, provided by the monthly R1, at the 1.0772 level. The currency exchange rate was still undecided on its course during the day, as the rate bounced around the mentioned level of significance. Traders are advised to watch out for a break to the upside, as it is forecasted by various market analysts, which means that bullish bias is set to prevail. However, the direction is most likely going to be set by the fundamentally important US healthcare vote.
Traders’ Sentiment
SWFX traders remain bearish, as 63% of open positions are short on Friday. Meanwhile, 53% of trader set up orders are to sell the Euro.
