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- Commonwealth Foreign Exchange (based on CNBC)
Pair's Outlook
The major currency pair continues to decrease and has already entered the support zone at 1.2890/1.2920. If this zone is not be able to underpin the price, next level will be only 1.2810, where the 200-day SMA goes. Generally, further price depreciation is very likely, as downtrend does not show any stabilization signs and fulfills only 22%-38% Fibonacci corrections from the waves down.
Traders' Sentiment
General trader's sentiments remain negative, as SWFX data shows that 42.1% of them have long positions and 57.8% have short positions. As for the pending orders segment, 52% have placed orders for a long position and 48% for a short position.
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