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"When we presented the programme, the euro was on the brink of a disorderly break-up. The ECB ... had to make clear to all speculators: do not take on the ECB; the euro will be defended."
- ECB board member (based on The Irish Times)
Pair's Outlook
At the moment pair is aiming at the major resistance at 1.33. If pair manages to advance above it, as suggested by shot term technicals, we are likely to see a rebound from 1.335 area where a Fibonacci (61.8% of February to April, 2013, move) is located. Any unexpected advancement above this area should trigger a selloff. In medium term we are likely to see a fall to 1.31 where 200-day SMA is located. It is likely that on the way pair will stop at 1.32 and 1.315.
Traders' Sentiment
Amount of bears in the market has increased by 3% since yesterday. At the moment they account for 64% of market participants. At the same time, share of pending orders posted by the bulls has increased as well (+2% since yesterday; 56% in total).
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