© Dukascopy Bank SA
- Capital Markets Trading (based on Reuters)
Pair's Outlook
The pair breached the weekly PP and major level at 1.09, but just after that it weakened below this significant level. The daily and weekly technicals suggest that the pair most likely will decline; however, at the same time the monthly technicals expect an advance. In our opinion the greenback could depreciate towards the weekly S1 at 1.0813, which is also the lowest level since the beginning of the year.
Traders' Sentiment
The portion of bulls lost three percentage points, but still an overwhelming majority of traders expect further strengthening of the greenback, specifically 67% of them. Also the gap between the buy (51%) and sell (49%) orders is narrowing.
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