- The National Bank of Canada (based on Investing.com)
The European currency started the week higher at 1.1329 against the US Dollar, as the Greenbacks lost value. However, for the past two days, the pair declined, and at the end of Tuesday's session it was at 1.1242, which is right above the weekly pivot point and 100-day SMA at 1.1236. On Wednesday morning, the currency exchange rate rebounded against the support provided by the before mentioned levels, and, at the moment, the rate is at 1.1265. In the meantime, aggregate technical indicators predict no change for the pair today.
SWFX traders are bearish on the currency pair, as 52% of open positions are short. In the meantime, pending orders in the 100-pip range are 51% short.