© Dukascopy Bank SA
"Since last week, U.S. housing data has consistently disappointed. If that trend continues today, expectations of a near-term start to Fed tapering will be pushed back, increasing pressure for dollar selling."
- Ueda Harlow Ltd. (based on Bloomberg)
Pair's Outlook
Pair did not manage to consolidate below or above the 200-day SMA in the last 4 days. Dips were supported by the weekly S1; rallies were capped by the monthly PP. However, short and medium term technicals indicate significant downside risk of the pair. It would be uplifted in case the pair would consolidate above the 100-day SMA at 0.943.
Traders' Sentiment
Situation in the market remains mostly the same as yesterday. Distribution of open positions skewed by additional 1% towards the side of bulls and is at 70% gauge; pending orders remain bullish at 56% level.
© Dukascopy Bank SA