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"Production sector output has been flat since the rebound in February 2013. Nevertheless, this translates into a modest positive contribution to GDP growth in 2013 Q2."
- National Institute of Economic and Social Research (based on Reuters)
Pair's Outlook
Pair bounced from the 2013 low yesterday, but did not manage to gain momentum and breach 1.50. At the moment it is down to trading just slightly below the 2013 low. Rallies should try to breach the mentioned 1.50. However, pair is likely, at least in the short term, to be bound by it and 2013 low at 1.482.
Traders' Sentiment
It seems that number of bulls in the market has stabilized. At the moment 2 out of 3 traders are long on the pair. Pending orders, however, remain almost perfectly evenly distributed between the long and short traders.
© Dukascopy Bank SA