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"The loans in this pool performed better than loans with similar characteristics originated and securitized at the same time by other financial institutions. We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates and these securities to lose value as a result."
- Bank of America (based on Reuters)
Pair's Outlook
Pair has recovered some of the yesterdays losses as weekly S1 might be providing good enough initial support. However, as short and medium term technicals suggest, pair is likely to continue slowly depreciating with some minor bullish rallies long the way. 6 month low at 0.912 could be the first target when to expect for a reversal.
Traders' Sentiment
Despite the recent bearish attack it seems that bears have given up since they continue to hold 31% of all open positions. In addition to this share of pending long orders increased by 3% and is at 71% gauge.
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