© Dukascopy Bank SA
"The (U.S.) dollar has picked up some support from the rising yields that we've seen at the longer end of the curve after the CPI numbers this morning."
- TD Securities (based on Reuters)
Pair's Outlook
Pair continues to be somewhat range bound around 200-day SMA—between 20-day SMA and 1.0830. We do not expect to see much of a change till the end of this trading weeks. Short term dips or rallies are possible, but highly unlikely and should stay between 1.08 and 1.09. Any noticeable moves outside this boundary could provoke a substantial rally/sell off.
Traders' Sentiment
Bulls continue to dominate market with 73% being already long on the pair. Changes in pending orders are sending mixed signals—part set to go long either contracted or expanded by 5% depending on the range (pips) around current market price.
© Dukascopy Bank SA