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- ING Financial Markets (based on The Irish Times)
Pair's Outlook
After a few failed attempts to breach the 100-day SMA pair finally managed to close above it. Pair might once again peak above the 1.31. However, 55 and 200-day SMAs are likely to fail the pair (as suggested by the technical indicators) and send it lower. In such case 1.30 (major level), 1.294 (weekly S1) and 1.28 (expectations of major market participants) areas should be followed closely.
Traders' Sentiment
Although readings of market sentiment changed just a little it gives strong indications that traders are becoming more and more bearish on the pair. 54% (+1% since yesterday) of all open positions are short on the pair and 54% (+3% since yesterday) of a all pending orders are set to sell the euro against the greenback.
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