© Dukascopy Bank SA
"What we're trying to do is explain as clearly as we can, what are the factors that will guide policy going forward, recognising the world is an uncertain place."
- BOE deputy governor (based on Reuters)
Pair's Outlook
Pair started the week with a mildly bullish attitude, but did not manage to breach weekly PP yesterday and has already fallen by 60 pips since then. The first thing to look at is 20-day SMA. If it fails to provide substantial support for the pair we could expect it tom fall to monthly R1 and 200-day SMA afterwards. On the other hand, 20-day SMA could provide enough of a bullish impetus to send the pair testing 1.570 once again.
Traders' Sentiment
Bears took a significant blow, they lost 5% of the market since yesterday. However, they still hold overwhelming 71% of all market participants. Pending orders remain at the same, 58% gauge, as yesterday.
© Dukascopy Bank SA