© Dukascopy Bank SA
- a trader at a major Japanese bank (based on CNBC)
Pair's Outlook
Despite the gravestone doji formed on Oct 11 and proximity to a strong resistance level the bulls keep pushing the price higher. Still, the monthly R1 remains intact, and most of the monthly technical indicators are bearish, meaning the risks are skewed to the downside. However, if the price closes above 1.14, there will be a high chance of a larger rally, namely to September's high at 1.1450. The next target will be as far as the August high at 1.17.
Traders' Sentiment
In the meantime, the SWFX traders are undecided with respect to the Euro's prospects. At the moment 47% of positions are long and 53% are short. Indecision is observed among the pending orders as well: 55% to buy and 45% to sell.
© Dukascopy Bank SA