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- Credit Agricole (based on CNBC)
Pair's Outlook
After breaching 1.2963/39 the currency pair dived to 1.2856/26 yesterday, which holds for now, but is nevertheless being eroded. The support is reinforced by a subsequent level at 1.2799/84, meaning that together they are likely to withstand bearish pressure. However, if this key area is breached, the medium-term outlook will be changed to a negative one.
Traders' Sentiment
Bearish sentiment of SWFX marketplace participants has become even less distinct, as the difference between the shares of short and long positions has narrowed to 8% from 14% yesterday. Distribution among buy and sell orders also does not give a clear insight into current preferences of the market, being 53% to 48%, respectively.
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