© Dukascopy Bank SA
"At this stage, the best possible news for the currency pair is increased risk appetite on international financial markets."
- UBS (based on Economic Times)
Pair's Outlook
Pair corrected its price after an almost week long rally from 0.912 to 0.939, but 100-day SMA proved to be enough of a support to keep the pair above 0.93. Daily technical point at further appreciation of the pair making 0.9325 firs, but minor, and 0.939 major resistance levels. Any of them could kick the pair in to trading sideways as suggested by weekly and some of monthly technicals.
Traders' Sentiment
Traders became significantly more bearish towards the pair as share of bulls in the market decrease by 8%, to 74% gauge. Pending orders distribution is remaining somewhat neutral as orders are distributed 52% to 48% with bulls being in slight favor.
© Dukascopy Bank SA