– Brown Brothers Harriman (based on investing.com)
The US Dollar has been fluctuating around the 1.11 level against the Euro for the past three trading sessions. However, the general trend is a slow surge of the Greenback against the European common currency. The 1.11 level for the pair is located between the monthly pivot point from the upside at 1.1149 and a support cluster made up of the weekly pivot point and the 200-day SMA at 1.1092/1.1095. Daily aggregate technical indicators forecast a depreciation for the Buck against the Euro.
SWFX traders have increased their bearish stance, as 55% of open positions on Monday morning were short. In the meantime, pending orders in the 100-pip range have become also bearish, as 57% of orders are short.