EUR/USD spikes back to reach 55-day SMA
"People reduced expectations that the ECB is going to be so dramatic next week with their policy decision."
- BMO Capital Markets (based on Reuters)
Pair's Outlook
In the run up to Friday's US payrolls data, the EUR/USD cross skyrocketed the most since February 9 and retested the January-February uptrend line. The bulls were limited by the 55-day SMA, currently at 1.0970. This moving average is succeeded by another bunch of resistances including the 20-day SMA, weekly and monthly pivot points. Ultimately, there is the 200-day SMA placed at 1.1045. An advance above all of them should neutralise our outlook for next week, also noting that weekly technical indicators are expecting a sideways movement starting March 7.
Traders' Sentiment
More SWFX traders have decided to join the bullish camp and push the number of open positions from 51% up to 53%. However, commands are now set to sell the Euro against the Buck in 57-58% of all cases.
- BMO Capital Markets (based on Reuters)
Pair's Outlook
In the run up to Friday's US payrolls data, the EUR/USD cross skyrocketed the most since February 9 and retested the January-February uptrend line. The bulls were limited by the 55-day SMA, currently at 1.0970. This moving average is succeeded by another bunch of resistances including the 20-day SMA, weekly and monthly pivot points. Ultimately, there is the 200-day SMA placed at 1.1045. An advance above all of them should neutralise our outlook for next week, also noting that weekly technical indicators are expecting a sideways movement starting March 7.
Traders' Sentiment
More SWFX traders have decided to join the bullish camp and push the number of open positions from 51% up to 53%. However, commands are now set to sell the Euro against the Buck in 57-58% of all cases.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.