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"Manufacturers have seen a real upturn in fortunes this quarter. Domestic and export orders have rebounded almost across the board."
- CBI (based on Reuters)
Pair's Outlook
Bulls lacked determination and did not manage to push the pair towards the 1.575. It failed at the weekly R1 and at the moment is supported by the weekly PP. If this peak is just an interim top we should see the pair dropping to 1.550, the are which should provide strong enough bullish impetus to push the pair back up. If the pair fails at 1.55 we should see it trailing at least till 1.540.
Traders' Sentiment
Bears remain dominant force in the market as they continue to hold 74% of all open positions in the market. Pending orders, however, are starting to skew in the favour of the bulls— now only 59% of pending orders, 4% less than yesterday, belong to the bears.
© Dukascopy Bank SA