EURUSD Analysis: Calms after volatile Thursday session
|"The euro dropped more than 2.5% from its session high as the European Central Bank announced a slimmed down asset purchase program to begin in April 2017."
– Dennis Pettit (Based on Bloomberg)
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Pair's Outlook
After posting a 2.5% red candle on Thursday, EUR/USD opened nonvolatile and slightly reddish. The pair dived right through the channel up on the hourly chart and appears to be unwilling to attempt a reentry. The pair is, however, still inside of the senior two-month channel and a bearish market would be in line with the channel expectations of a wave south. Immediate resistance lies at 1.0581 and support – at 1.0635, and if the day goes as calmly as it has opened, EUR/USD could remain squeezed in between the two levels. -
Traders' Sentiment
Traders show an improvement in sentiment with 56% of positions being long, while pessimism reflects in pending orders with 65% of short positions.
Interested in EUR/USD technicals? Check out the key levels
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