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– based on Bloomberg
Pair's Outlook
A break out of the two-month ascending channel has caused a retracement towards the broken trend-line, meaning that 1.1258 remains the ultimate target for the next few days. With no resistance on the way to the trend-line, the rate will bounce to the downside, with 1.1207 as its next target, leaving little to 1.1201 where the weekly Pivot Point lies. Tougher resistance at 1.1190 could deny access to levels underneath, putting 1.1162 into perspective in case of a breakout. If the rate fails to gather enough strength to complete the motion, levels of significance beneath 1.1226 will be targeted right away.
Traders' Sentiment
SWFX traders are bearish, as 60% of positions are short. Pending commands are bearish as well, with 59% of set up orders being to sell.
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