‘The euro is expected to find further offers around 1.1000 and likely near the Monday high at 1.1023.’ – Alexandria Arnold and Dennis Pettit, Bloomberg
During the early hours of Monday’s trading session the common European currency scored new heights against the US Dollar, as the currency exchange rate had touched the 1.0950 mark. The currency pair is being supported by the newly calculated weekly PP, which is located at the 1.0932 level. It is most likely that the currency rate will reach for the resistance at 1.0977 by the end of the day. At that level the 50.00% Fibonacci retracement level is located at. However, in the case of a change of the direction the pair might retreat to the 20-day SMA at 1.0873.
SWFX traders remain bearish, as 61% of open positions are short, and 60% of trader set up orders are to sell the Euro.