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"It's not clear whether the Fed will taper its stimulus in October or December. And even if it's October, the Fed's policy meeting will be in late October, which is some time ahead. So the market may become less sensitive to Fed comments."
- Praevidentia (based on CNBC)
Pair's Outlook
Pair is trying to rise above the June/August lows (at the moment it is trading at June low). However, Fibonacci retracements of September fall should be adding some pressure as well now. Dip below the 0.903 should provoke a further sell off and the pair should trail to or even below 89 cent level. Rise above the 0.914 would uplift most of this pressure and we could see the pair testing 92 cent area in the medium term in such case.
Traders' Sentiment
As in quite of few cases today, we can observe a change only in a distribution of pending orders. Bullish side of them increased by 4% and is at 70% level whilst open positions remained at 71% gauge.
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