HomeContributorsTechnical AnalysisEUR/USD Back Above 1.0550 Level

EUR/USD Back Above 1.0550 Level

‘The dollar fell while Treasuries advanced after minutes from the Federal Reserve’s latest meeting showed officials confident they can raise rates gradually amid little threat that near-term inflation will accelerate.’ – Jeremy Herron, Bloomberg

Pair’s Outlook

The common European currency surged against the US Dollar on Thursday morning, as the currency exchange rate continued the late Wednesday’s surge. The surge was initiated by the dovish FOMC meeting minutes, which caused the Greenback to fall all across the board. However, this occurred almost perfectly in the borders of a descending medium term channel, and the previous forecast of a decline of the currency pair is still in force. In fact, it is most likely that the pair will retreat once more to the weekly S1 at 1.0529 by the end of the day.

Traders’ Sentiment

Traders have not changed the proportions of their open positions, as 54% of SWFX traders remain bullish on the Euro. Meanwhile, 58% of trader set up orders are to buy the Buck.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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