© Dukascopy Bank SA
- Commerzbank (based on Reuters)
Pair's Outlook
Pair failed to consolidate above the 2009 high and at the moment is hovering below it. We do not expect any major developments in the nearest future—the pair should find support at the weekly PP and should not advance far above the 2009 high. In case of a dip below the weekly PP we might expect it to fall till the weekly S1/20-day SMA, but that seems doubtful at the moment.
Traders' Sentiment
Bulls are increasing their pressure as bullish side of pending orders increased by 4% since yesterday and is at 76% gauge today. Bears, however, continue to hold slim majority, 60%, which is 1% less than yesterday, of all outstanding positions on the pair.
© Dukascopy Bank SA