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"The payrolls data has always been important but this Friday's report is going to be crucial as it should confirm when the Fed may taper its bond-buying program. The Fed has communicated that it is data-dependent and this report could change expectations."
- PIMCO (based on Reuters)
Pair's Outlook
Although technical indicators point at an appreciation of the pair it seems that pair is more willing to trade in a range (100-day SMA to weekly R1). In order for the pair to gain some short term momentum it should advance above the Fibo 61.8% (end of may to mid-June sell off. Dips should stay above the 0.94; rallies should be capped by the mentioned Fibo 61.8%.
Traders' Sentiment
We can see a marginal increase (2%) in the holdings of the bulls. At the moment they hold 55% of all open positions in the market. However, amount of pending orders posted by the bulls decreased further. At the moment equal shares of them are posted by the both, the bulls ant the bears.
© Dukascopy Bank SA