© Dukascopy Bank SA
-DailyFX (based on Reuters)
Pair's Outlook
Pair received a strong push from 200 bar SMA at 102.149 and almost uninterruptedly dropped until it was stopped at psychological level at 101. Technical indicators on aggregate point at augmentation of the pair and although the stochastic indicator suggest that this bearish correction of the pair is not over yet, it seems that pair is driven by traders sentiment and 101 should be the level from which pair picks up again.
Traders' Sentiment
Bulls continue to hold ground on a slim margin—53% of all open positions are long positions on the pair. 69% of pending orders are buy orders, suggesting that we might see a major shift in traders sentiment in the near future as there is strong support in the lower levels.
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