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"Markets tend to get fatigued, and to have a 4% move in January, it's almost inevitable that you're going to have at a minimum a pause."
- BMO Capital Markets (based on The Wall Street Journal)
Pair's Outlook
Pair continues to demonstrate bearish bias, but monthly PP keeps it floating. Monthly PP might fail in continues attempts to dip below it. This could provoke a sell off till 1.0893/55 leaving further depreciation highly unlikely. In case the monthly PP holds, it is doubtful we will see any major bullish action until the end of the week.
Traders' Sentiment
Market sentiment is virtually unchanged—bulls hold 59%, 1% less than yesterday, of all of the open positions. We can see that bullish pending orders in 50 pip range decreased by 13%, but remained unchanged in wider ranges.
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