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"There is now no doubt that consumer confidence has recovered strongly from the unparalleled trough of the last five years. It is the longer-term changes that mean far more than one single month's figures, and the current trend is definitely upwards."
- GfK (based on Reuters)
Pair's Outlook
Pair received a bearish impetus from the Fibo 61.8% (mid June to beginning of July move) few days ago. It depreciated by 50 pips (on the open to close basis) then and almost 100 pips yesterday until it found support with the 20-day SAM where the pair is trading at the moment. In any case, pairs outlook remains bearish as 1.5191/119 seems wont be able to provide enough of a support.
Traders' Sentiment
Open positions are changing hands rather often between the bears and the bulls lately. Bears now account for 59% of market participants. That is 4% less than yesterday. Bulls, however, cant manage to swing the distribution of pending orders in their advantage—it remains at 48% gauge.
© Dukascopy Bank SA