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"At the moment we see no need for immediate action. We don't have Japanese conditions."
- Mario Draghi, European Central Bank President (based on Reuters)
Pair's Outlook
For the second trading day the currency pair remains contained by the formidable resistance at 145.18/144.97 from above and a slightly weaker support at 144.19 from below. Consequently, the currency pair, even though bullish in the long term, is expected to undergo a deep correction, potentially down to 2009 highs, before it crosses the major up-trend resistance line it is currently trading at.
Traders' Sentiment
The percentage difference between the shares of long and short positions moves further away from the 10-day average (-20%). Right now the latter constitute 57% of the market (58% yesterday). Meanwhile, the share of buy orders is contracting, at the moment they take up 56% of the total amount (58% yesterday).
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