© Dukascopy Bank SA
"Latvia has actually learned a lesson from what happened. We had this fiscal discipline law that came into effect in March, that's a very important step. And it means that Latvia, as I see it, has changed a lot with respect to what it was like in 2005, 2006, and 2007."
- Head of the Economics Department at the Stockholm School of Economics in Riga (based on Deutsche Welle)
Pair's Outlook
Pair received a strong bullish impetus from the 2013 low at 1.274, rallied by 350 pips and at the moment is trading at the 200-day SMA. In the short term we should see a correction towards the 1.304, it is rather unlikely pair will consolidate below this level. Afterwards, pair is likely to resume appreciating as after such a rally it is somewhat hard to think that the market bulls have achieved everything they wanted.
Traders' Sentiment
Uncertainty is creeping in to the market further. Bulls and bears own perfectly equal shares of open positions. Bulls remain responsible for 52% of all pending orders posted in to the market.
© Dukascopy Bank SA