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- Center for European Reform (based on New York Times)
Pair's Outlook
After a commendable rally to 1.338 area, main currency pair is continuing to depreciate. It is likely that this is just a bearish correction which might last as long as pair wont hit a strong support level. Closest candidate for that is weekly pivot (PP) at 1.3247; especially taking in to account that pair bounced some 45 pips after approaching it yesterday. Once pair resumes its rally we should see it lasting all the way to 1.348/1.35 area.
Traders' Sentiment
Market participants are remaining stringy bearish on the pair. Share of short traders in the market increased by marginal 2%, but they account for 67% of market participants. Pending orders are almost evenly distributed between the short and long traders.
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