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- Markit (based on Bloomberg)
Pair's Outlook
As expected, the currency pair was able to approach the weekly and monthly pivot points yesterday. Nevertheless, this recovery turned out to be brittle after the encounter with 1.3047/32, which led to a dip down to 1.2898/69. The decline could extend further, as suggested by the weekly technical indicators, but should be then stopped by the support area around 1.2745, Apr 4 low.
Traders' Sentiment
Right now the number of long positions is smaller than the amount of the short ones; however, the difference is currently too small (10 percentage points) to say that the traders' sentiment is bearish. The advantage of sell orders (63%) over the buy orders (37%) in this case is more notable.
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