© Dukascopy Bank SA
- Commerzbank (based on Reuters)
Pair's Outlook
The currency pair is moving further away from the resistances. Right now it is testing the weekly S1 at 1.3642, but is expected to decline even deeper, despite the majority of the monthly studies being bullish. The nearest significant level that could initiate a bullish correction is considered to be 1.3582, as it is formed by the weekly and monthly S2. If this obstacle is eventually overcome as well, the support at 1.3516/1.3492 should become the next target.
Traders' Sentiment
Neither the difference between the long and short positions nor the difference between the buy and sell orders is currently significant, as it is less than 10 percentage points in both cases, signalling that neither the bulls nor the bears have en edge.
© Dukascopy Bank SA