© Dukascopy Bank SA
- Greg Anderson, Citigroup (based on CNBC)
Pair's Outlook
Monthly and weekly pivot points proved to provide significant resistance for the pair and strengthen the doubts that pair is losing momentum. 95.526 is likely to provide enough support and keep pair stable at close to 97 levels in the short term, but medium and long term outlooks remain negative.
Traders' Sentiment
Traders' sentiment remains bullish today, but it dropped by additional 3% compared to yesterday as 67% of market participants are presently long on the currency pair and now one third of traders expect the pair to decline. The distribution of buy and sell orders points at a further weakening of bullish sentiment as only 51% of investors, in comparison to 55% yesterday, expect the pair to appreciate over the middle term.
© Dukascopy Bank SA