Tue, May 30, 2023 @ 04:24 GMT

Euro Finds Support

‘Despite the sell-off, traders say they prefer to be long USD on a selective basis, and will reset positions at better levels.’ – Dennis Pettit, Bloomberg

Pair’s Outlook

The common European currency trades against the US Dollar just as forecasted yesterday, as the currency exchange rate fell down to the weekly PP, which is located at the 1.0582 level. There the pair found support on Tuesday morning and began a rebound. The rate might surge up to the monthly PP, which is located at 1.0633. However, before that the currency pair faces the combined resistance of the 20 and 55-day SMAs, which are located respectively at 1.0598 and 1.0603 levels. On the other hand traders might watch for another attempt of the Buck to surge and pass the weekly PP.

Traders’ Sentiment

SWFX traders remain neutral bullish on the pair, as 51% of open positions are long on Tuesday. Meanwhile, 58% of trader open positions are to sell the Euro.

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.

Featured Analysis

Learn Forex Trading