© Dukascopy Bank SA
-Dai-Ichi Life Research Institute (based on Reuters)
Pair's Outlook
Pairs return below 100 was short-lived and it appreciated frantically today after breaching uptrend resistance at 101.021. Currently pair is slowed down by Fibonacci (50% of move since 21st of March) at 102.765. Further appreciation of the pair in medium and long term is very likely, as there are no stronger resistance levels on the way up, and cluster of support levels around 102 should maintain the pair above this level. In the short term we are almost certain to see bearish correction.
Traders' Sentiment
Bearish sentiment on the pair strengthened by 4% since yesterday and is at 57% mark. However, 80% of all pending orders on the pair are buy orders suggesting that we might see a major shift in the sentiment and bullish rally on the pair. In the near future.
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