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"The minutes from the June 18-19 FOMC meeting will likely be hawkish, as they have been for some time, relative to the Fed statements. Our conviction is strong that the dollar will embark on a structural ascent, against a broad range of currencies."
- SLJ Macro Partners (based on Reuters)
Pair's Outlook
Pair's recovery has been interrupted by the monthly R1 at 0.867. The Stochastic indicator in the short term suggest we could see the pair dipping to 0.9588. However, overall bullishness should persist and pair should consolidate above 0.97 in the next few trading days.
Traders' Sentiment
Overall market sentiment is mildly bullish today. Open long positions increased to 53% and 52% (+2% since yesterday) of all pending orders are posted by the bulls as well.
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