© Dukascopy Bank SA
"The Fed calls for tapering sooner are strengthening the dollar across the board. It's wait and see, as with most of the markets, but with a bias toward selling."
- EverBank Wealth Management (based on Bloomberg)
Pair's Outlook
The pair continues to trail lower after reaching new 2013 high last week. Weekly S1/July high should hold initial test, but 1.0580/66 should be tested soon as well. In case of an unexpected recovery the pair is unlikely to advance above the newly formed 2013 high easily.
Traders' Sentiment
Share of bulls in the market decreased by 4%, but they continue to hold overwhelming, 71%, majority of all open positions. We should not see any major changes soon as bearish side of pending orders is at 55% gauge.
© Dukascopy Bank SA