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- TD Securities in Toronto (based on Reuters)
Pair's Outlook
This week the greenback managed to break the weekly PP at 1.0881; however, at the moment pair's momentum looks more bearish than bullish. Therefore, we might expect the U.S. currency to slip below this level. It is possible that for now the top is already reached and the pair could consolidate in the range from 1.08 to 1.09. And while the monthly technical studies are presently bullish, the currency pair is unlikely to move beyond 1.10.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 67% of all of the open positions on the pair. The gap between the buy (51%) and sell (49%) orders placed 100 pips from the spot is insignificant for now.
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