HomeContributorsTechnical AnalysisEUR/USD Reaches 1.0666 Mark

EUR/USD Reaches 1.0666 Mark

‘EUR/USD dropped to its lowest in a week at 1.0658; bids and stop-loss sell orders were filled under 1.0700 in the drop.’ – Dennis Pettit, Bloomberg

Pair’s Outlook

As it was forecasted, the common European currency dropped to the weekly PP, which is located at 1.0666, against the US Dollar. In addition, during the move the pair touched the 1.0658 mark. The currency exchange rate is still set to move even lower before a rebound occurs, as the next support level is near the 1.0610 mark. That support cluster is made up of three levels of significance and two trend lines, which makes a rebound an almost clear certainty. However, that might not occur during Friday’s trading session, as daily aggregate technical indicators for the pair forecast a surge by the end of the day.

Traders’ Sentiment

SWFX traders remain bearish, as 56% of open positions are short on Friday. In the meantime, 60% of trader set up orders are set up 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.

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