- BK Asset Management (based on investing.com)
The European stopped the past three session fluctuation around 1.11 level and dropped to 1.1073 on Tuesday against the US Dollar. As the drop happened, the pair went past the support cluster made up of the 200-day SMA and weekly PP at 1.1093 and 1.1092 respectively. At the moment, the currency exchange rate is trading at 1.1055 by 5:15 GMT, and it is moving towards the weekly S1 at 1.1015. If the pair drops through the next support level, it will go down to the next support cluster of 1.0893/69, where the weekly S2 and monthly S1 are located.
SWFX traders have shifted their sentiment and become bullish on the pair, as 52% of open positions are long on Wednesday morning. In the meantime, pending orders in the 100-pip range are 64% short.