- Mark Gilbert (based on Bloomberg)
The Euro dropped to 1.1233 on Monday against the US Dollar. However, the currency exchange rate managed to recover and end the day' trading session at 1.1290. On Tuesday morning, the pair has depreciated a little bit to 1.1288, as it struggles fluctuating between the monthly pivot point and 20-day SMA below the rate around at 1.1282 and the weekly PP and 55-day SMA above the pair around at 1.1304. However, aggregate daily technical indicators forecast an appreciation of the European currency against the Greenback.
SWFX traders have not changed their positions since yesterday and are still bearish with 53% of open positions being short. However, in the meantime pending orders in the 100-pip range have decreased even more, as they have declined from 65% to 53%.