© Dukascopy Bank SA
"...there is a slightly negative tone and it seems to be on a gentle downward trend. It may have just overextended itself. […] ...our end 2014 forecast of US$0.7600 looks about right."
- Western Union (based on The Wall Street Journal)
Pair's Outlook
Pair did not manage to successfully consolidate above the weekly R3 and is retesting it today. A solid close above it would put monthly R1 and 2013 high on the map. Failure here could provoke a major sell off of the pair. In such case we should look at 20-day SMA and 0.8235, where the pair spend a significant portion of the alst month.
Traders' Sentiment
Bears have retreated from the market, but we think it is temporary and most of this is coming just from triggering of pending orders. At the moment bears hold 70% of all open positions which is 3% less than yesterday. At the same time, bullish side of pending orders decreased by 3% as well.
© Dukascopy Bank SA