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"Today if we see a good U.S. number, say above 160,000, that would be bullish for risk and bearish for the dollar."
-HSBC (based on Reuters)
Pair's Outlook
After week of choppy sessions pair received a major bearish impetus and after breaching number of support levels from 0.9800 to 0.9760 is currently at, what might be a strong technical level, at 0.9750. Pairs downside risk remains significant as it would not be unexpected if pair would try to form Double Bottom, as recent bullish rally might have been only a short term bearish correction since technical indicators are still giving strong sell signal on weekly chart.
Traders' Sentiment
Traders continue to be bullish on the pair as amount of long positions on the pair remains above 70% mark (74% at the moment) for the most of this week. Distribution of pending buy and sell orders, which is in perfect equilibrium does not suggest any possible changes in trader sentiment in the future.
© Dukascopy Bank SA