- RBS (based on CNBC)
The European currency booked gains on Wednesday against the US Dollar, as it rebounded off the first weekly support at 1.1192. At the moment, the currency pair is at 1.1276, and it is struggling with the monthly PP at 1.1282, which is supported by additional resistance provided above by the weekly PP at 1.1304 and the 55-day SMA at 1.1310. If the exchange rate breaks through this resistance cluster, it will move upwards to the first weekly resistance at 1.1362. However, in case of a bounce off from the cluster, the rate will move down, where it will face the 100-day SMA at 1.1223.
SWFX traders have increased their bearish sentiment on Thursday morning, as 53% of open positions are now short, compared to 51% yesterday. 100-pip range pending orders have remained 53% bullish.