Technical analysis : EUR/USD attempts to break resistance

8 years ago - Published by Dukascopy in Expert opinion, Finance, Forex

Pair's Outlook 
The Euro continued to book gains against the US Dollar during the early hours of Friday's trading session, as the currency exchange rate attempted to break through the resistance put up by the 55-day SMA, which was located at 1.0593. The pair already attempted to move higher during Thursday's trading. However, it failed to pass the SMA. Due to that and the fact that the weekly PP is located just above the SMA at 1.0604, it is most likely that the currency pair will fail once more and retreat lower by the end of Friday's trading session. 

Traders' Sentiment 
SWFX traders have not changed their open positions proportions for the third consecutive session, as 54% of open positions are long. Meanwhile, 63% of trader set up orders are to sell the Euro.