EUR/USD in a rebound on Friday morning
"The EU can easily end up with more countries leaving -- especially the Netherlands -- that could have a referendum after the election. If that happens, I think the euro can weaken quite a lot more."
– Lars Mouland, KLP Kapitalforvaltning (based on Bloomberg)
Pair's Outlook
The common European currency appreciated on Friday morning against the Greenback, as the pair jumped above the 1.0550 level and aimed for the next resistance. The next resistance level is located at 1.0632, where the monthly S2 is located at. However, it might also occur that the currency exchange rate stops the rebound and begins another attempt to move through the combined support level of the 2015 low levels at 1.0520. Such a hypothesis is also supported by the daily aggregate technical indicators, which forecast a fall for today's trading session.
Traders' Sentiment
SWFX traders remain bullish, as 56% of open positions were long on Friday. In the meantime, pending commands were bearish, as 60% of trader set up orders were to sell.
"The EU can easily end up with more countries leaving -- especially the Netherlands -- that could have a referendum after the election. If that happens, I think the euro can weaken quite a lot more."
– Lars Mouland, KLP Kapitalforvaltning (based on Bloomberg)
Pair's Outlook
The common European currency appreciated on Friday morning against the Greenback, as the pair jumped above the 1.0550 level and aimed for the next resistance. The next resistance level is located at 1.0632, where the monthly S2 is located at. However, it might also occur that the currency exchange rate stops the rebound and begins another attempt to move through the combined support level of the 2015 low levels at 1.0520. Such a hypothesis is also supported by the daily aggregate technical indicators, which forecast a fall for today's trading session.
Traders' Sentiment
SWFX traders remain bullish, as 56% of open positions were long on Friday. In the meantime, pending commands were bearish, as 60% of trader set up orders were to sell.