© Dukascopy Bank SA
"What drives commodity prices is global growth… and there has been much weaker growth"
- Ric Deverell, Credit Suisse (based on The Wall Street Journal)
Pair's Outlook
Pair remained stable today as relatively neutral data from US had no impact on the pair's development. However, outlook on the pair remains positive as there is strong reasons to believe that weekly pivots (S1;S2) at 1.0494/438 will give boost for pairs advance.
Traders' Sentiment
Bearish sentiment has weakened by 5% today and currently 70% of the traders hold short positions on the pair. In addition, we observe a significant change in allocation of pending orders as well. In the range of 100 pips from the current price, 56% of traders have posted buy orders on the pair. This is a 11% increase in comparison to yesterday.
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