© Dukascopy Bank SA
- Rochford Capital (based on Bloomberg)
Pair's Outlook
Support at 1.1295/62 failed to produce any bullish momentum for long traders on Thursday. As a result, the pair slumped below both of these technical levels to trade around 1.1240 by Friday morning, after testing the Jul high at 1.1216 earlier yesterday. Last month's high also guards the next support zone represented by 20-day SMA and monthly R1 at 1.12. A decline below them should trigger losses down to the main demand at 1.1130/12 (weekly S1; 100 and 200-day SMAs). From another side, any rally will meet a substantial resistance at 1.1409/66 (May/Jun highs).
Traders' Sentiment
The share of bulls rebounded from 42% to 44% yesterday. In the meantime, pending orders in 100-pip range from the spot price slid from 55% to 45%.
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