Thu, Mar 30, 2023 @ 08:46 GMT
HomeContributorsTechnical AnalysisEUR/USD: Trades Near 1.06 Mark

EUR/USD: Trades Near 1.06 Mark

‘Melenchon’s steady rise has turned France’s already topsy-turvy election campaign into one of the most unpredictable contests in recent history.’ – Gregory Viscusi, Bloomberg

Pair’s Outlook

Due to US Dollar weakness caused by fundamental political events, the EUR/USD currency exchange rate has returned to fluctuate near the 1.06 mark on Wednesday morning. Previously, as the pair was set to decline to the support cluster near the 1.0550 mark, the rate suddenly regained ground and tested the resistance put up by the weekly PP and the 100-day SMA near the 1.0620 level. The pair remained between the mentioned levels of resistance on Wednesday morning, as markets continued to watch fundamental events occurring in the world. Meanwhile, from a technical perspective the decline to the 1.0550 level is still to be expected.

Traders’ Sentiment

SWFX market sentiment remains almost neutral, as 51% of open positions are long. Meanwhile, 54% of set up orders are to sell.

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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