EUR/USD Analysis: Retreats to 1.06 mark

Dukascopy Bank Team Dukascopy Bank SA

"ECB President Mario Draghi is likely to balance out his optimism over near-term economic data against longer-term concerns about the political scene in Europe and inflation that remains barely positive."

– Christopher Vecchio, Daily FX

Pair's Outlook
As forecasted before, the common European currency has begun a retreat against the US Dollar, as on Monday morning the currency exchange rate was near the 1.06 level. That is due to the fact that the pair is being forced lower by the 55-day SMA, which is located at 1.0639. The resistance level is set to slowly pressure the rate lower through the support levels, which are keeping it near the 1.06 mark. However, that is unlikely to occur today or during tomorrow's trading sessions, as there is still a 45 pip range for fluctuations between the levels of significance.
Traders' sentiment
SWFX traders have become neutral regarding the pair. Meanwhile, 58% of trader set up orders were to sell the Euro.

Daily Report EURUSD Current Trading Positions

1. R3 1.0690
2. R2 1.0664
3. R1 1.0646
PP 1.0619
1. S1 1.0601
2. S2 1.0575
3. S3 1.0557

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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