© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
It seems that after yesterday's decline the pair received a bullish impetus at the weekly S3 at 1.0953. At the moment the greenback is trying to breach the weekly S2 at 1.0976, if this resistance level gets broken then the next important level will be around the major level at 1.1000. The technical indicators are largely bullish, that also strengthens our bullish expectations from this currency pair.
Traders' Sentiment
Market sentiment remains unchanged as bears continue to hold 61% of all of the open positions on the pair. In the meantime, the share of orders to enter the market with a buy trade reached 58% after Tuesday's 40%.
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