– based on forexcrunch.com
The Euro hit the resistance provided by the monthly pivot point at 1.1149 against the US Dollar, at the end of yesterday's trading. However, on Monday morning, the currency exchange rate has bounced off the resistance, as the pair moved to the level of 1.1129 by 5:30 GMT. If the rate continues a downfall, it will face a combined support of the 200-day SMA and weekly PP at 1.1092/94. A downward movement is also supported by the daily aggregate technical indicator forecast.
SWFX traders have not changed their sentiment at all, as they are still bearish with 55% of open positions being short. In addition, pending orders in the 100-pip range also remain unchanged at 57% of orders being short.