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After a 2310 pips drop on November 7, the pair has started to recover, and at the moment of writing was trading at 13.143. Despite low trading volumes, the pair is approaching this year's high of 13.366. The upward trend is likely to continue, as technicals are sending "buy" signals, suggesting a move in pattern's resistance's direction can be expected. Moreover, even in case of a retracement, bears are likely to experience difficulties in a range between pattern's support and 200-hour SMA. At the same time, market sentiment remains strongly bearish, as 75% of opened positions are short, meaning in a short-term we can see a retest of daily resistance at 13.100.
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