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EUR/USD Struggles On Thursday

‘The euro’s weakness is largely the result of the ECB’s expansionary policies.’ – Leonid Bershidsky, Bloomberg

Pair’s Outlook

On Thursday morning the common European currency gained against the US Dollar, as the currency exchange rate approached the 1.08 mark. However, the Euro struggled to gain further gains, as it was being kept down by the 100-day SMA at 1.0792. It is highly unlikely that the pair will move upwards and score additional gains, as already at 1.0803 the long term pattern’s upper trend line is located at. The trend line has kept the rate down for the past two trading sessions, initially stopping a jump of the Euro on Tuesday.

Traders’ Sentiment

SWFX traders remain bearish regarding the pair, as 56% of open positions are short on Thursday. Meanwhile, 56% of trader set up orders are to sell the Euro.

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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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