EUR/USD Between Levels Of Significance
‘Multiple EUR/USD tests of support usually indicate the support is more likely to fail. Also, support areas are wide areas, not precise levels.’ – Adam Grimes, Waverly Advisors (based on investing.com)
During the early hours of Friday’s trading session the common European currency began the day and traded against the US Dollar between the levels of significance, which together have provided the pair with support for the past three consecutive trading sessions. At the start of the session the currency exchange rate was above the monthly PP, which is at 1.0650. The forecast of a decline remains in force, as it can be clearly seen that slowly but surely the pair is moving lower. After passing the monthly PP the rate is most likely set to fall to the 55-day SMA at 1.0688.
Traders have abandoned the bearish outlook, as 51% of trader open positions are long on Friday. In the meantime, 60% of trader set up orders are to sell the Euro.