Dukascopy

EUR/USD soars to 1.1176 in volatile ECB session

FX:EURUSD   Euro Fx/U.S. Dollar
66 0 0
"Draghi disappointed with his communication and some may need to amend their damaged positions."
- Nomura International (based on Bloomberg)

Pair's Outlook
Markets finished the trading session yesterday in a slightly disappointing mood, which ultimately sent the EUR/USD             cross as high as the second weekly resistance at 1.1176. However, intraday losses were extending to 1.0820, but Mario Draghi's hawkish comments changed in final state of affairs. As the weekly R2 managed to contain a rally, we can expect a setback from this supply on Friday. In case the pair closes anywhere above 1.1043 (200-day SMA ) today, the outlook for the future will become much more bullish than at the moment.

Traders' Sentiment
A quite surprising Euro's move to the upside initiated some profit-taking in the SWFX market. Over Thursday the bullish share dropped to 47% from 49% a day earlier. On the back of that, pending orders switched into the green on the basis of 100 pips from the spot price.
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