‘Three major central banks meet in the week ahead, and there are several important reports due out that will give investors more insight into how the economies have begun the new year.’ – BBH (based on investing.com)
With the start of a new week, on Monday, the common European currency began the day’s trading session a lot higher than the previous close against the US Dollar. The reason for that are the signed policies and actions taken by US president Donald Trump during the weekend. However, the pair slightly retreated during the first trading hours. Afterwards, it met with the weekly PP at 1.0709, which provided support to the pair. Due to this factor it is most likely that the currency exchange rate will surge up to the first weekly resistance level, which is located at 1.0761.
SWFX traders have slightly decreased their bearish outlook, as 54% of trader set up orders are short on Monday, compared to 56% on Friday. In the meantime, 57% of trader set up orders are to sell the Euro.