© Dukascopy Bank SA
-Commonwealth Foreign Exchange (based on Reuters)
Pair's Outlook
Pair continues its depreciation after receiving a push from Fibonacci retracement (23.6% of move since 24th of July) at 101.560 and currently is targeting cluster of support levels around 100. It is highly likely pair won't succeed due to strong underlying support in those levels. Technical indicators support probability of such scenario as well.
Traders' Sentiment
Bears gained some ground during the weekend and currently 55% of all open positions are short on the pair. However, overwhelming majority, 67%, of all pending orders are buy orders creating a presumption of strong support for the pair in lower levels.
© Dukascopy Bank SA