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- BBH (based on FXStreet)
Pair's Outlook
The European single currency continued to consolidate on Wednesday, having erased all of Tuesday's losses and edged closer to the 118.00 mark. Today the Euro is expected to undergo a corrective decline, therefore, extending its consolidation period. A close at 117.00 would be the best case scenario, but a sharper drop towards 116.50 is also possible. Overall, the borders where the exchange rate is expected to consolidate are represented by the monthly PP from below and the cluster around 119.80 from above. Meanwhile, technical indicators are giving bullish signals, suggesting a positive development is due, but we believe a decline is priced in.
Traders' Sentiment
Bullish traders' sentiment returned to its Monday's level of 58%, while the portion of buy orders added 18% points, having risen up to 55%.
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