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"The stream of numbers from the United States today will draw the full attention of market participants as they try to establish a view on the United States' exit strategy from its ultra-loose monetary policy."
- St. Galler Kantonalban (based on The Economic Times)
Pair's Outlook
200-day SMA proved to be too tough of an obstacle for the pair which caused an almost 150 pip failure. At the moment the pair is trading slightly above the weekly PP and seems to be inclined to test 20-day SMA. However, there are no indications that the pair could revert the bearish trend with confidence. It might become more volatile/range bound before the 6 month low at 0.913, but it is too early to talk about a reversal.
Traders' Sentiment
Although bulls continue to control clear majority of the market (71%) it is important to notice that the share of them in the market decreased by 4% since yesterday. Similar situation can be observed in the distribution of pending orders as well. 70% of them are set to go long, 4% less than yesterday.
© Dukascopy Bank SA