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- Global Insight (based on The Irish Times)
Pair's Outlook
After a failure to breach weekly R1 pair received a bullish impetus from the Fibo 61.8% (mid of June till beginning of July move) which sent the pair 130 pips higher to test weekly R2/monthly R3. This gives indications about the pairs short term strength which is also suggested by the short term technicals. However, weekly R2/monthly R3 might cause a bearish correction which should find support with weekly R1.
Traders' Sentiment
Market sentiment became significantly more bearish since yesterday. Amount of open short positions in the market increased by 5% and is at 61% level. It seems that most of this increase is coming from triggering pending short orders as bearish side of them decreased by 5% and is at 48%.
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