‘Fundamentally, too, the euro zone isn’t as fragile as many English-speaking commentators have suggested. Pro-euro sentiment is stable in the currency area’s biggest countries.’ – Leonid Bershidsky, Bloomberg View
Pair’s Outlook
During the early hours of Friday’s trading session the common European currency’s surge against the US Dollar was stopped by the resistance put up by the upper Bollinger band, which was located at the 1.0786 level. As a result the rate was in a retreat. However, the retreat is likely going to be short lived. As the upper Bollinger band moves higher, the currency exchange rate will set its course to the weekly R2, which is located at 1.0806. There the pair might stop for a while, as the weekly R2 is strengthened by the 38.20% Fibonacci retracement level at 1.0826.
Traders’ Sentiment
SWFX traders are bearish on the pair, as 61% of open positions are short, and 56% of set up orders are to sell.
