© Dukascopy Bank SA
"If our house view unfolds and the Fed brings on QE3, and assuming that European ruptures stay on the backburner for the next few weeks as we expect, the obvious path of least resistance is for further US dollar weakness near term."
-UBS (based on The Australian)
Pair's Outlook
Pair touched 1.5051 today, the highest level in more than 3 weeks. However, it was pulled back to downtrend support, which, taking in to account readings of technical indicators, might signal a major bearish correction of the pair in the near future.
Traders' Sentiment
Bullish sentiment strengthened slightly since yesterday and currently 51% of traders hold long positions on the pair. Distribution of pending orders suggest a possible further strengthening of bullish sentiment as 61% of all posted orders are buy orders .
© Dukascopy Bank SA