Fri, Jun 09, 2023 @ 00:48 GMT
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EUR/USD Trades Below 1.07 Mark

‘The dollar climbed to a two-week high against the euro after U.S. data showed gains in personal consumption and corporate profits.’ – Lananh Nguyen and Vincent Cignarella, Bloomberg

Pair’s Outlook

During the early hours of Friday’s trading session the common European currency found support against the Greenback in a combined support level, which is made up of the weekly S2 and 55-day SMA. Both of the support levels are located exactly at the 1.0675 mark. The pair fell sharply during Thursday’s trading session, as the Buck surged all across the financial markets. If the fall continues, the rate is set to retreat to a much stronger support cluster, which begins with the 23.60% Fibonacci retracement level at 1.0639. On the other hand a rebound up to the 20-day SMA at 1.0708 might occur.

Traders’ Sentiment

SWFX traders have decreased their bearish outlook, as 58% of open positions are short, compared to 62% previously. Meanwhile, 57% of set up orders are to sell the Euro.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
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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