© Dukascopy Bank SA
"Most of the time, good news for the U.S. economy is bad news for the U.S. dollar. Sometimes it's good news."
-Westpac (based on The Wall Street Journal)
Pair's Outlook
Pair is posing for a further appreciation after a major bearish correction in the end of the last week. However, as there is significant lack of strong support levels, pair should remain depressed below resistance levels around 0.9800. Probability of sharp drop to 0.9717/00 should not be disregarded as technical indicators still point at significant downside risk of the pair.
Traders' Sentiment
Traders continue to be bullish on the pair as amount of long positions on the pair remains above 70% mark for more than a week already. Distribution of pending buy and sell orders which was in perfect equilibrium coming in to the weekend switch in favour of the bulls—59% of all pending orders are to buy.
© Dukascopy Bank SA