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- Commonwealth Foreign Exchange (based on WSJ)
EUR/USD continues to be sold off, since there are currently no signs of a possible recovery in the near term. The currency pair is presently attempting to stabilise at 1.2830/18. However, this support and the subsequent line at 1.2763 are likely to be broken, since EUR/USD is moving en route to a stronger level at 1.2645/42. Encounter with the latter level, in turn, could result in a rally, though a tepid one.
Traders' Sentiment
According to SWFX sentiment index, long positions (65%) in the market significantly outnumber short ones (35%). In range of 100 pips from the current price most of the traders have placed buy orders, although the advantage is not excessive, since they constitute 54% of the total amount of orders.
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