‘The FOMC minutes were clear that officials are contemplating beginning to address the balance sheet.’ – March Chandler, Brown Brothers Harriman (based on investing.com)
On Thursday morning the common European currency traded against the US Dollar below the resistance cluster, which it faced previously. The currency exchange rate has been trading in the same range since April 2, as it is squeezed in between the resistance put up by the 55-day SMA at 1.0674, together with the monthly PP at 1.0685, and the support of the 23.60% Fibonacci retracement level, which is located at the 1.0639 level. The pair is set to continue the fluctuations between the two mentioned levels until a fundamental event sets the pairs future course.
SWFX traders remain bearish on the pair, as 54% of open positions are short. However, 54% of trader set up orders are to buy the Euro.