© Dukascopy Bank SA
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
The pair has gained bullish momentum, it prolonged yesterday's advance and breached the monthly PP and weekly R1 at 138.84/91. The next target for pair's bulls is the weekly R2 and 55-day SMA at 139.421, if it is broken then we might see an attack towards the weekly R3 and monthly R1 at 139.91/97. Most likely it will not happen in a blink of an eye. We expect the pair to approach the previously mentioned level; however, with some drawbacks.
Traders' Sentiment
At the moment of writing 52% of the SWFX market participants are expecting the single European currency to gain value. At the same time the gap between the buy (39%) and sell (61%) orders is widening.
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