EURUSD Analysis: Euro encounters resistance
|"The dollar fell a sixth day."
– Bloomberg
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Pair's Outlook
The EUR/USD currency pair seems to have encountered the resistance of a medium term ascending channel pattern, which broke through the previously active long term channel up. It is most likely that the pair will retreat down to the support of the weekly R2, which is located at the 1.1115 mark. However, it is yet to be seen whether that support is passed. Although, if that occurs the currency pair could retreat back to the support cluster near the 1.1050 mark. On the other hand the pair might make an attempt to break the resistance cluster near the 1.1190 level. -
Traders' Sentiment
SWFX traders continue to short the pair, as 61% of open positions are bearish. However, 53% of trader set up orders are to buy the Euro.
Interested in EUR/USD technicals? Check out the key levels
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