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"There's obviously not going to be any change. The activity data has been at least firm enough that those who are not inclined to do any more won't change their mind."
- BNP Paribas (based on Reuters)
Pair's Outlook
It seems that pair has moved in to a certain cycle—few days of gains, one day of minor loses. However, we should pay attention to the fact that the pair is testing the upper limits of the Bollinger band and technical indicators on aggregate point at depreciation of the pair. As a consequence it becomes rather likely that we might see a larger scale bearish correction in the near term.
Traders' Sentiment
Although bulls have taken a significant chunk of the market under their control, bears weren't willing to surrender and returned the share of their holdings above 60% gauge. It seems that it will bear dominated market as majority, even if slim, of pending orders (52%) are to go short on the pair.
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