© Dukascopy Bank SA
- Spiro Sovereign Strategy (based on Bloomberg)
Pair's Outlook
Pair appreciated almost 100 pips at the end of the last week when it received a bullish impetus from the weekly S1. Although pair is relatively calm at the moment, due to mentioned impetus it is likely to test 1.335 (weekly r1) anytime now. Breach of this are would allow the pair to test 5 month high around 1.34. Failure at the eekly R1 could send the pair back to 1.32.
Traders' Sentiment
Bears have strengthened their presence in the market further. At the moment they account for 63% (6% more since Friday) of market participants. It seems that this bearishness will last for some time more as 58% of pending orders are in favor of the bears as well.
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