© Dukascopy Bank SA
"The markets that have benefited from the largesse of the Fed over the last few years are probably going to see some headwinds at least if they start to reel back."
- TD Securities (based on Reuters)
Pair's Outlook
As was suspected, the weekly R1 at 1.0445 did not seem to be willing to let the U.S. Dollar to appreciate unceasingly. Right now the price is returning back to the support 1.0379/69, the one created by the monthly PP and the 55-day SMA. There the pair should find enough demand to re-challenge the interim resistance and then test another at 1.0512/02.
Traders' Sentiment
Latest display of bullishness by the pair encourages new bulls to enter the market, being that the portion of long positions went up by three percentage points to 74% overnight. Meanwhile, the percentage of buy orders likewise did not stay unchanged, it dropped from 52% to 47%.
© Dukascopy Bank SA