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"(We're) looking at it with optimism, we can argue that very slowly the deflationary spiral seen for a couple of years now is seemingly coming to an end."
- Informa Global Markets (based on Reuters)
Pair's Outlook
Thursday's rally seemed rather promising, but 50% retracement (July-August move) sent the pair back to the premises of the 200-day SMA. Due to the close proximity of the 100-day SMA we could see some choppy sessions in the short term, but the pair should resume appreciating in the medium to long term.
Traders' Sentiment
Attitude towards the pair remains largely unchained and bulls continue to hold overwhelming majority (73%) of all open positions. Significant portion (61%) of pending orders are set in the same manner as well.
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