EUR/USD Analysis: remains above 1.11 level
|“Price action suggested stop-loss sell orders were tripped.”
– Alexandria Arnold and Dennis Pettit, Bloomberg
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Pair’s Outlook
After retreating on Thursday the common European currency seemed to be regaining ground against the US Dollar. During Thursday’s trading session the currency exchange rate had retreated down to the 1.1075 mark, where it found support. After the change in the direction of the pair the currency pair had broken pass the weekly R2 at 1.1115 on Friday morning. Due to that it can be expected that the rate will surge up to the resistance of the monthly R2 at 1.1187, which is strengthened by the 61.80% Fibonacci retracement level at 1.1190. -
Traders’ Sentiment
SWFX traders remain bearish, as 60% of open positions are short. Meanwhile, 52% of trader set up orders are to buy the Euro.
Interested in EURUSD technicals? Check out the key levels
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