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"We remain concerned about Spain and cut again, this time from BB- to B with a negative watch; the 10-year yields at 6.4% are not comforting."
- Sean Egan, managing director at Egan-Jones (based on (MarketWatch)
Pair's Outlook
The pair advanced further today after the US preliminary GDP data showed an increase (1.7% act./1.5% est.), beating analysts' estimates. However, if the bearish reversal takes place, 1.0200 (initial support line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0170 (S1 Weekly) and 1.0082 (200-day ma) are going to be targeted by the currency traders.
Traders' Sentiment
Compared to yesterday market sentiment data, bearish sentiment faded as only 58% of investors hold short positions (73% yesterday). Within 100-point range from the present market price, 59% of market participants expect a continuation of bullish trend.
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