- Dr. Michael Ivanovitch, ex senior economist at OECD (based on CNBC)
Ignoring Monday's gains, the European currency depreciated against the US Dollar on Tuesday and fell to the level of 1.12. However, on Wednesday morning the currency pair has rebounded from the weekly S1 at 1.1192, and it has appreciated a little bit. At the moment, the exchange rate is at 1.1208. If it rebounds from the support, the pair could move north to the weekly pivot point at 1.1282. Although, in such case it would also have to pass the 100 and 20-day SMAs, which are respectively located at 1.1219 and 1.1262.
SWFX traders are still bearish with 51% of open short positions. However, it is a decrease by 2%, if compared to yesterday's 53%. In the meantime, pending orders in the 50-pip range are neutral, 100-pip range orders are 53% bullish.