© Dukascopy Bank SA
"It's likely to be a very quiet week, there are no really interesting data out of the U.S and no news is expected on tapering."
- Commerzbank (based on The Economic Times)
Pair's Outlook
Last few trading sessions pointed out a significant downside risk of the pair. At the moment it seems to be solidly supported by the 200-day SMA, but short and medium term technicals point at further weakness of the pair. However, quite a few individual indicators give neutral outlook so it might be that pair will stay around the 200-day SMA for some time and only closer to the end of the week/start of the new week it might test 0.925 and 0.918.
Traders' Sentiment
Although bulls closed 3% of outstanding positions they continue to dominate in the market by holding 69% of all open positions. In addition, 56% of pending orders, the same as yesterday, are set to go long on the pair as well.
© Dukascopy Bank SA