© Dukascopy Bank SA
- ING Bank (based on Reuters)
Pair's Outlook
Pair found initial support with the weekly S1 few days and is continuing to consolidating recent losses today. We expect it to stall below the 142.92/143.26 area for a few more days. Overall bullishness in the past months and strongly bullish signals from trend indicators suggest that the pair will test weekly R1 some time soon. In case of an unexpected failure weekly S1 should stop the pair once again.
Traders' Sentiment
The difference between the share of long and short positions remains insignificant. Bullish side of pending orders, however, increased by 7% and is at 57% gauge today suggesting we might see a shift in market sentiment soon.
© Dukascopy Bank SA