‘Investors in the currency options market are less worried about the outcome of the French election run-off than they were before the first round.’ – Vassilis Karamanis, Bloomberg
Pair’s Outlook
Due to the hawkish announcement by the Fed on Wednesday, the common European currency was trading below the 1.09 mark against the US Dollar on Thursday morning. The pair seemed to have rebounded against the support, which is provided by the weekly PP at 1.0890 level. If the situation does not change and a surge persists, the currency exchange rate will reach the weekly R1, which is located at the 1.0958 level. On the other hand, the pair might decline to the support cluster below it that begins at the 1.0835 level.
Traders’ Sentiment
Traders remain bearish, as 59% of open positions are short on Thursday. Meanwhile, 52% of trader set up orders are to sell the Euro.
