© Dukascopy Bank SA
- National Australia Bank (based on Bloomberg)
Pair's Outlook
The major currency pair continued to depreciate, as the price gradually slips towards a 1.3017/1.2983 area, where the lower Bollinger band, 55-day and 100-day SMAs form a major support level. Also, a 1.2944 area is important in a possible depreciation scenario, as in a daily graph there are the weekly and monthly S1 levels and in a weekly graph we also have the same levels and the 20-day SMA. Therefore, it is very likely to experience a test of this level, but a long-term direction will depend on how the price acts around the 55-day SMA in the upcoming sessions.
Traders' Sentiment
The Euro-preferring investors are increasing their share, as 58% of positions are long and 42% are short. Situation with pending orders market is neutral, since both side have equal portions.
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