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- Banco Bilbao Vizcaya Argentaria SA (based on Bloomberg)
Pair's Outlook
After posting gains at the beginning of the week the pair has dropped for a second straight day and even touched the major level at 136, while this week's high was set at 138.28. The technical indicators do not give clear signals, however, in the longer term a rebound is expected. We think that the pair is very unlikely to fall below the 136 mark, as we anticipate at least a partial rebound. In the near-term the pair could reach towards the weekly and monthly PP at 136.85/95.
Traders' Sentiment
The sentiment rose to 41% from yesterday's 35%, suggesting that some of the traders are starting to think that the current decline is overstretched.
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