© Dukascopy Bank SA
Despite the fair share of fundamental events related to the USD which cause significant amount of the noise in the market pair has been developing rather neatly in the ranks of the Channel Up pattern. After a recent rebound from the pattern's resistance which at the same time was the pairs 30 month high it is moving towards the pattern's resistance. Short term technicals give rather strong indication about the further depreciation of the pair. However, at the moment market sentiment is strongly bullish—70% of the open positions are already long on the pair and 65% of pending orders are set to do the same.
© Dukascopy Bank SA