© Dukascopy Bank SA
"Any signs of a slowdown has the market concerned, both on the commodity demand side of things, plus it ratchets down global growth projections."
- CIBC World Markets (based on Reuters)
Pair's Outlook
At the second part of the last week the pair gained some bullish momentum and broke monthly R1 at 1.1197. Ever since it is trading above this level, but further appreciation has not followed. Nevertheless, we expect that it will head north as monthly R1 has proven itself as a strong support and majority of technical indicators suggest that the pair will advance.
Traders' Sentiment
The difference between the long (60%) and short (40%) positions has stabilised since the last time of writing. The distribution between the buy and sell orders is also quite stable—57% and 43% respectively.
© Dukascopy Bank SA