© Dukascopy Bank SA
- JP Morgan (based on Reuters)
Pair's Outlook
Pair continues to slowly trail lower. At the moment it is trading below the weekly PP and it is questionable it will remain in the uptrend boundaries. If the pair dips below the 1.3605 we could expect it to trail to 1.3512. In order to uplift most of this downside risk the pair should advance above October high at 1.3833
Traders' Sentiment
Market sentiment it self remains at 63% of traders being short on the pair for this whole week. Interesting dynamics, however, can be observed in the distribution of pending orders. It started the week with 60% set to go long, whilst yesterday it was only at 37% gauge; and today we are seeing pending orders perfectly evenly distributed between the long and short ones.
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