© Dukascopy Bank SA
"Talks between the Greek government and private-sector bond holders over voluntary writedowns on the value of Greece's debt were on track. The negotiations are on quite a good path."
- Angela Merkel, German Chancellor (Based on Marketwatch)
Pair's Outlook
After a near two-week flat, bounded by a 1.3380 upper line and a 1.3300 lower line, the major currency pair breaches a previous high. Currently, the pair is just above the 1.34 benchmark and has a free area to move even further, as the first resistance is located only at 1.3473/85, where the weekly R2 merges with the highest point in 2012. Also, the RSI value is 65, but the more important fact is a divergence between the price and the RSI, as the price charts a new high and the index is stuck at 70 points.
Traders' Sentiment
SWFX market participants trade with bearish sentiments, as the price moves close to the last year's high, 33% of traders have long positions and 67% have short positions. Pending orders' market is slightly bearish, as 48% waiting orders are buy and 52% are sell.
© Dukascopy Bank SA