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- Mizuho Securities Co. (based on Bloomberg)
Pair's Outlook
Bulls have quieted down after a shallow rally and should allow bears to take over and push the currency pair through an interim support at 1.2244/32 en route to a subsequent level at 1.2099/1.1996. However, this is unlikely to happen today (given that technical indicators for a daily timeframe are neutral) but later this week. In the meantime, resistances at 1.2337 and 1.2414/47 should contain probable rallies.
Traders' Sentiment
The share of bullish market participants has decreased to 53%, while bearish traders now constitute a larger part of the market - 47%. Distribution between buy and sell orders (49% to 51%, respectively) also does not reveal preferences of the market.
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