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- Royal Bank of Scotland (based on Reuters)
Pair's Outlook
The common currency of 17 nations smashed yesterday, as the price slipped from the 100-day SMA at 1.3146, dropped through the 200-day SMA at 1.3070 and was stopped only around a 1.3021 level, where the weekly S1 is positioned. The next support is the 55-day SMA at 1.3003, which was not breached since 12th of April. However, after breaking the 55-day SMA the pair would still remain in a channel and only violation of the Bollinger band would mean a new low.
Traders' Sentiment
Bears decreased their positions by 3% to a 59% share, as many investors cashed in their profits from a recent drop. Pending orders market is gently bullish, since 55% of placed orders are waiting to buy the currency pair.
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