‘The euro will be the final step because I want to wait for the result of the German election.’ – Marine Le Pen (based on Bloomberg)
Pair’s Outlook
On Tuesday morning the common European currency was in a retreat against the Greenback, as the currency exchange rate fluctuated near the 1.0850 mark. Previously, during Monday’s trading the rate surged and touched the 1.0905 level, and with it a long term ascending channel’s upper trend line was confirmed, as the pair bounce off of it. It is most likely that the currency pair will get squeezed in during today’s trading session, as the 200-day SMA is moving in from the upside while the weekly R1 and the 38.20% Fibonacci retracement level are providing support, respectively, at 1.0841 and 1.0826 levels.
Traders’ Sentiment
SWFX traders remain bearish, as 63% of open positions are short. Meanwhile, trader set up orders are neutral.
