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- BMO Capital Markets (based on Reuters)
Pair's Outlook
Appetite of investors for the U.S. Dollar has been considerably dampened once the pair approached a notable resistance area at 1.0308/1.0278. Accordingly, there is a high probability that the scenario suggested by the technical indicators, i.e. sideways movement, may not be realised. In any case, for now support at 1.0219/07 manages to negate the dips.
Traders' Sentiment
The ratio between the bulls and bears is unchanged from the time of the previous issue, since the share of long positions stands at 75% and only 25% of traders foresee a rally. The same stability is observed with pending orders, 67% of which are to buy the buck and 33% are to sell it.
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