© Dukascopy Bank SA
- Royal Bank of Scotland (based on Bloomberg)
Pair's Outlook
The pair opened this week with a small upside gap, and it continues to move further north. However, the rally should prove to be shallow, considering the density and proximity of the resistances that lie overhead. The bulls are likely to stop pushing the price higher before it rises up to 1.28, even though most of the daily and weekly technical indicators are presently pointing upwards. The medium-term target is the 2014 low at 1.25.
Traders' Sentiment
A significant difference between the buy and sell orders (32 percentage points) observed last week has completely disappeared—now their amounts 100 pips from the current market price are perfectly equal.
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