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"Once again it seems like the market is trading on exit-and-recovery hopes rather than policy maker realities. The Fed minutes prove to be more dovish than the market had hoped, resulting in the dollar weakening."
- Chapdelaine Foreign Exchange (based on MarketWatch)
Pair's Outlook
Weekly R1 at 0.973 caused pairs 300 pip failure. It found initial support with the monthly PP, but at the moment is trading slightly above the 100-day SMA. As technical indicators point out, we are likely to see bullish correction. It should be capped by the 0.956. In case pair manages to consolidate above this level we could retarget 98 cent area.
Traders' Sentiment
Situation in the market seems to have stabilized after some significant moves lately. At the moment bulls account for 64% (+2% since yesterday) of all market participants. At the same time pending orders posted by the bears decreased to 54% (-2% since yesterday).
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