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- Brussels-based think tank Bruegel (based on Reuters)
Pair's Outlook
Right at the beginning of the week the pair received a bullish impetus and driven by it the greenback breached the weekly R1 and monthly PP at 1.1080/88. This has been the biggest daily movement in about three weeks and that might encourage pair's bulls to push the pair even higher towards the weekly R2 at 1.0915. Nevertheless, traders should keep an eye on the daily and weekly technical indicators that are sending largely bearish signals. In case the pair fails to consolidate around the major level at 1.09 then drop towards 1.0850 could follow.
Traders' Sentiment
Share of bulls in the market reached 74%, 2% increase since Friday. The gap between the buy (29%) and sell (71%) orders is widening.
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