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EUR/USD Below Resistance On Friday

‘While the EUR/USD rally on the daily chart has lots of bear bars and bear scalpers have been making money, it is relentless. It is testing the December 8 lower high.’ – Al Brooks, Brooks Price Action (based on investing.com)

Pair’s Outlook

Due to falling below the weekly R1 at 1.0761 against the US Dollar, the common European currency began Friday’s trading session just below that level. The currency exchange rate remained unchanged during the morning hours. However, from a technical perspective by looking at the daily chart the pair had no support until the level of 1.0709, where the weekly PP is located at. It is most likely that there are other support levels on different timeframes, which will hinder the fall of the Euro. Although, the pair will still most likely reach the weekly PP.

Traders’ Sentiment

SWFX traders have not changed their opinion regarding the pair, as 56% of open positions remain short. In the meantime, 58% of trader set up orders are to sell the Euro.

Dukascopy Swiss FX Group
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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