- Christopher Vecchio, Daily FX
The Euro continued appreciating against the US Dollar on Wednesday, as the Greenback lost strength due to the fact that a Federal Reserve rate hike is becoming more and more unlikely. The pair jumped last Thursday on disappointing US non-farm payrolls data and gained strength since then. At the moment the currency exchange rate is at 1.4062 and it is moving north to the cluster of resistances around 1.1460 where the weekly and monthly first resistances and the upper Bollinger band are located. However, aggregate technical indicators forecast no changes for the pair today.
SWFX traders have not changed their positions since yesterday, as 56% still have open short positions. In the meantime, pending short orders in the 100-pip range have increased from 51% to 54%.