© Dukascopy Bank SA
"The [US] economy continues to run hard as it finishes out the year."
- MUFG Union Bank (based on Reuters)
Pair's Outlook
Since the last time of writing the pair has managed to reverse the sharp drop that took place late on Wednesday and currently it is hovering around the weekly PP at 1.5672. In case the pair wants to prolong its appreciation then it will have to surpass the monthly PP at 1.5755 that does not seem very likely. To our mind the bias remains negative, with the target at 1.5542.
Traders' Sentiment
As the pair is currently consolidating, there are still no changes in the distribution between the bullish (56%) and bearish (44%) market participants. Concerning the orders, the share of the sell orders has managed to edge up from 58% to 63%.
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