EUR/USD Analysis: Still inside junior channel
|"The European Central Bank's ultra-loose monetary policies will not last forever but it is still too early discuss winding down the bank's bond purchase programme, Executive Board member Benoit Coeure told CNBC on Friday."
– Reuters
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Pair's Outlook
EUR/USD opened green on Friday after the pair was denied access to levels below the 55-day SMA of 1.0608 two days before. The motion still should remain on the bearish side due to the ultimate target lying at the channel bottom boundary, even if today closes green, meaning that risk still lies both above and below and the daily theme could reverse. In case the pair attacks the supply area above at 1.0733, there is decent risk that the junior channel will break, due to the recent stickiness of its upper part. -
Traders' Sentiment
SWFX traders have become bearish regarding the pair, as 48% of open positions are short on Thursday. In addition, 58% of trader set up orders are to sell the Euro.
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