© Dukascopy Bank SA
"There's so much uncertainty out there with all the range- trading in the major currencies. […] We saw such a massive rally yesterday and investors are getting nervous today, pulling back into the U.S. dollar where we had good data out of Philadelphia."
- Monex Europe Ltd. (based on Bloomberg Businesswek)
Pair's Outlook
After being range bound almost for a week pair received a surprisingly strong bullish impetus from weekly pivot (PP)/monthly pivot (PP) at 0.9798/94 and has been appreciating ever since. Currently pair is hovering slightly above 99 cent mark and is setting eyes on 0.9935/44. If pair manages to breach this level, it should not have difficulties to move closer to parity condition.
Traders' Sentiment
For the whole week, bulls are holding overwhelming majority of the positions on the pair—72% of all positions on the pair are long. In addition, distribution of pending orders finally gives clear indications—58% of all pending orders are to go long.
© Dukascopy Bank SA