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- Markit (based on Bloomberg)
Pair's Outlook
Pair is demonstrating increased volatility as it once more (second time in three days) has peaked above Oct high after bouncing from weekly PP yesterday. This alone, however, does not speak about a possible rally. Despite the readings of long term technicals the pairs till faces substantial downside risk. In order to uplift most of it the pair should advance above the weekly R1. That would put weekly and monthly R2 on the map.
Traders' Sentiment
Bulls are increasing their pressure on the bears as share of bullish pending orders increased by 4% and is at 65% gauge today. Market sentiment remained where it was yesterday—60% long.
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