© Dukascopy Bank SA
- Metzler Bank (based on Reuters)
Pair's Outlook
Pair received a bullish impetus from the 55-day SMA which sent it 120 pips higher. In course of doing so pair managed to breach the 200-day SMA. It is very likely that bullish bias will persist and push the pair higher, however, Fibo 23.6% (mid-may to mid-June move) is likely to fail the pair. Short term dips should find support at 1.305.
Traders' Sentiment
Market sentiment became slightly more bullish since yesterday. Number of bears in the market increased by 2% and is at 54% gauge today; share of pending orders posted by the bulls decreased by 2% and is at 53% gauge.
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