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- IG Securities (based on Reuters)
Pair's Outlook
Although there has just been a test of the upper bound of the 10-month channel, the pair does not seem keen to leave its vicinity. The immediate resistance is at 102.70, represented by the weekly PP and 55-day SMA, but we allow for a rally to 103.50 without a threat to the bearish weekly outlook. The main question, however, remains—which of the key levels is going to be violated first. Whether it is going to be the resistance trendline at 103.50 or a dense demand area between 100.80 and 100.00.
Traders' Sentiment
There are slightly less bulls in the market than last Friday, but the sentiment is strongly positive nevertheless. The share of longs fell from 68 to 66%. In the meantime, there is still no visible difference between the amount of buy and sell orders.
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