© Dukascopy Bank SA
- Wojtek Zarzycki, Optimal Investing (based on MarketWatch)
Pair's Outlook
Upward momentum of the pair, received at 0.9265/53, did not manage to throw the price over a downtrend resistance at 0.9400/41. This implies that the bullish correction has come to an end and therefore we may witness resumption of a delayed slide down. The initial support is at 0.9376/69, while 0.9310 and 0.9265/53 will have a better chance at resisting the possible dip.
Traders' Sentiment
The portion of traders holding long positions has increased since yesterday up to 75%, limiting bears only to 25% of the market. This means that the pair is still overbought, although the share of sell orders is growing at an increasing pace and is 55% at the moment, suggesting that the rally is about to be halted.
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