HomeContributorsTechnical AnalysisEUR/USD Trades Near 1.08

EUR/USD Trades Near 1.08

‘It’s sensible to wonder whether the dollar’s recent slide is a sign that post-election euphoria is fading, but by one measure a decline was overdue before Election Day.’ – Nir Kaissar, Bloomberg

Pair’s Outlook

On Wednesday morning the common European currency traded flat against the US Dollar near the 1.0810 mark, and it was positioned to decline to the 1.0780 level. At the 1.0780 level was located the closest support to the currency exchange rate, as there the weekly PP was located at. Previously, during Tuesday’s session, the pair failed to break the resistance put up by the 200-day SMA near the 1.0875 level. As a result the decline of the pair began, as it passed the weekly R1 and 38.20% Fibo, respectively, at 1.0841 and 1.0826. These levels of significance have begun to provide resistance on Wednesday.

Traders’ Sentiment

Traders have not changed their opinion, as 63% of open positions remain short. Meanwhile, 51% of set up orders are to sell the Euro.

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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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