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- ECB (based on Bloomberg)
Pair's Outlook
Pair has been bearish for quite some time, but it seems that bullish impetus given by the 55-day SMA has uplifted most of the pressure from the pair. At the moment it seems to have consolidated above the 20-day SMA/weekly and monthly PP. Despite the lack of strong resistance higher, due to the neutrality of the short term technicals we expect that the pair will step back for a bit, but will pick up the pace once again in the upcoming weeks as suggested by the medium and long term technicals.
Traders' Sentiment
Market sentiment itself remains at 53% of open positions being controlled by the bulls. Bullish side of pending orders, however, increased substantially. At the moment it is at 69% gauge which is 13% more than yesterday.
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