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"With Cyprus, we have hit the lowest trough of the crisis. Although we might be down here for a little while longer, due to risks of an aggravated euro-area credit crunch, there is light at the end of the tunnel. Cyprus is now focusing minds on the structural repair of the euro area, such as banking union."
- Peterson Institute (based on FOX news)
Pair's Outlook
As anticipated pair resumed its bearish trend after forming what seems as a second top in the double Top pattern. At the moment pair is trading quite far from major support levels suggesting we should see further depreciation at least till weekly S1, but more likely till the Bollinger band.
Traders' Sentiment
Bulls pushed the distribution of outstanding orders almost to a perfect equilibriums between them and the market bears. Taking in to account that 63% of pending orders are in their favour as well it might be that whole market sentiment will swing in their favour as well.
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