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"Economic news at the margin seems to be gradually improving, so this risk-on could last for a while. The Achilles heel is something unforeseen that may happen in Europe."
- Ian Nakamoto, MacDougall, MacDougall & MacTier (based on MarketWatch)
Pair's Outlook
The US dollar plummeted for the fifth day in a row, and it seems it will remain under a downward pressure. However, if a bullish trend continues, 1.0023 (PP Weekly) might become the first resistance level for bulls, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Traders' SentimentCurrently, clear majority of traders (72%) hold long positions on the pair. However, in the range of 100 pips sell and buy orders are almost equally divided in between the traders, implying a possibility of rather sharp shift in the sentiment.
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