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"Our recommendation obviously to Germany is please implement or decide on these kind of economic reforms that would further reinforce domestic demand. We have recommended to Germany to address this for the sake of the Germans themselves and the euro zone in its entirety."
- EU Economic and Monetary Affairs Commissioner (based on Bloomberg)
Pair's Outlook
Pair continues to appreciate after a bounce from the 55-day SMA. It has already peaked above the September high and seems to be aiming at October one. We expect it to hold the initial test, but it should be breached in the short to medium term. That would put monthly R2 on the map as weekly R3 is most likely already effectively irrelevant.
Traders' Sentiment
Bears continue to account form 56% of market participants. Pressure on them, however, has eased up as share of pending bullish orders decreased by 9% and is at 53% level today.
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