© Dukascopy Bank SA
Currently, the pair is trading around the major level at 1.45, while the technical indicators are mixed. To our mind a bearish break-out is the most likely scenario, as the pair is already trading around the lower boundary for more than a week. Also, the traders' sentiment is to the downside, as 66.34% of them have opened short positions on the pair. The next key targets for bears are 100-period SMA and daily S1; however, if they hold then we will have to wait a little longer for the break-out.
© Dukascopy Bank SA