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"As a result, with the proviso that the national approval procedures are completed, which we expect to happen on Monday, the disbursement can take place of 2.5 billion euros from the EFSF and 1.5 billion euros of income generated to national central banks from the securities markets program."
- European Commission (based on Bloomberg)
Pair's Outlook
Pair started the week in a calm fashion and although we could sense further strength of the pair coming from the last week monthly R1 stopped the pair for now. In any case, pair's outlook remains bullish and we could expect a fail when the pair reaches 1.34. Short term dips should find support in 1.318 area.
Traders' Sentiment
Market sentiment itself hasn't changed a bit during the weekend—61% of all positions remain short on the pair. However, bulls are preparing for an attack since long pending orders increased by 4% and is at 56% level today.
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