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"It was starting to take on an over-sold appearance, having performed worse than its peers over the last 24 hours. It was the currency which reacted most adversely to the weak Chinese data yesterday."
-CMC (based on News Limited)
Pair's Outlook
Pair bounced from Fibonacci (38.2% of move since 6th of September) at 1.0446, but after sharp gains is stuck at 1.0494/0500. Technical indicators point at appreciation of the pair, however it is likely the pair has already reached oversold condition and we might see a strong push down from any indicated resistance levels above the current market price.
Traders' Sentiment
Bears gained some ground today—52% of traders hold short positions on the pair (50.1% yesterday). In addition, 53% of all pending orders on the pair are to short it.
© Dukascopy Bank SA