© Dukascopy Bank SA
The interim bullish trend, which started a couple of days ago, has successfully managed to continue, and at the particular moment the currency couple is gradually approaching the 55-day SMA at 1.2469, which is likely to slow down the rally, however, if it is broken, then the price might reach the upper Bollinger band at 1.2511, which in turn is expected to reverse the prevailing movement upwards. Moreover, the overall indicator outlook is negative, therefore a soon trend reversal is expected in the nearest future.
Traders' sentiment
Traders at SWFX market maintain their optimism, as 67% of traders hold bullish positions and 33% of traders hold bearish positions. The situation with orders is completely neutral, since exactly 50% of traders ordered to buy and 50% ordered to sell the single currency.
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