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"Strong activity numbers will help maintain investor expectations that the U.S. economic recovery is best placed amongst G-3 (economies) to begin gaining traction this year."
- BNY Mellon (based on Reuters)
Pair's Outlook
In the past 3 days pair managed to appreciate by 150 pips and at some point seemed like it might attempt to return above 1.5, but at the moment it seems that whole enthusiasm has worn of and we might expect only some minor moves for the time being, maybe even till the end of this whole week. Short and medium term technicals, however, point at further depreciation of the pair suggesting it will maintain its bearish trend which is holding since mid December.
Traders' Sentiment
Bulls continue to be the dominant force in the market as they account 71% of market participants. Pending orders, however, suggest that bears might strengthen their positions in the future as 59% of pending orders are to go short.
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