© Dukascopy Bank SA
- Markit (based on The New York Times)
Pair's Outlook
Pair remains noticeably bearish—55-day SMA and Fibo 38.2% (9th of July to 20th of August move) did not manage to stop the pair and at the moment it is approaching 100 and 200-day SMAs. As short term Stochastic sends buy signal we could expect some minor bounce from it, but it is very unlikely it could ignite a rally. Despite the aggregate reading of medium and long term technicals pair should continue moving towards 1.30 where median of the expectations of major market participants is located.
Traders' Sentiment
Uncertainty seems to be creeping in to the market since open positions are almost equally distributed between the long and short traders and distribution of pending orders remain in the same state as yesterday (54% to go short 46% to go long).
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