© Dukascopy Bank SA
"Sticking to a weak dollar bias ahead of such a big concentration of U.S. data events may be irresponsible, especially since the more current data events of the week, namely nonfarm payrolls and ISM, are expected to improve or to maintain their robustness."
- City Index (based on Market Watch)
Pair's Outlook
Pair seems to be consolidating above the Fibo 23.6% (end of May till mid of June move). However, weekly PP is not allowing to move further and although short and medium term technicals point at depreciation of the pair it is unlikely that weekly PP will provide enough of a bearish impetus. 200-day SMA, which should cap all the rallies, seems to be much more likely to do so.
Traders' Sentiment
Market sentiment in the market remains exactly the same as yesterday. Share of open long positions in the market holds at 72% level today and pending long orders remain at 57% gauge.
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