© Dukascopy Bank SA
- Sentix (based on Reuters)
Pair's Outlook
Pair continues to appreciate after a bounce from the 50% Fibo (July-August move) and at the moment is testing 23.6% retracement. 38.2% retracement didn't cause much problems yesterday and as a consequence we might get some bearishness around the 23.6% level. We anticipate a slide to 61.8% retracement, however, medium and long term technicals give completely different outlook.
Traders' Sentiment
Distribution of pending orders remains exactly the same where we left it yesterday—51% against 49% with the bears holding marginal upper hand. Noticeably different situation is in the distribution of outstanding positions. Share of bears increased by 9% and at the moment they account for 59% of market participants.
© Dukascopy Bank SA