© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
The pair failed to breach the weekly R1 at 1.0693 yesterday and since then it has slipped towards the 2011 high and weekly PP at 1.0658/57. Despite the daily technical studies are strongly bearish we do not suspect the greenback diving below the weekly PP or even more sharply falling. Pair's future movements might be dependant on how easily/hardly the U.S. Dollar will break the weekly R1 at 1.0693.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 71% of all of the open positions on the pair. Concerning the orders placed 100 pips from the spot, there are now slightly less commands to sell—64% after yesterday's 70%.
© Dukascopy Bank SA