- Bundesbank President Jens Weidmann (based on CNBC)
The European currency gained strength against the US Dollar on Tuesday, as it appreciated from 1.1355 to 1.1374. In addition, the movement north of the pair happened steadily without much volatility and favouring the more conservative bulls. At the moment the currency exchange rate is located between the monthly PP at 1.1282 and monthly R1 at 1.1466. Moreover, the monthly PP and R1 are supported by the weekly PP and R1 respectively at 1.1279 and 1.1463. If the pair continues its movement upward it will also face the upper Bollinger band at 1.1452.
SWFX traders became even more bearish on the pair, as already 56% of open positions are short. Pending orders in the 50 and 100-pip range are respectively 52% and 51% bearish.