© Dukascopy Bank SA
- UBS (based on Reuters)
Pair's Outlook
Pair continued to depreciate yesterday, but found support with the 100 and 200-day SMAs and recovered half of then losses. This level could push some of the bears to capitalize on their gains and we might see some minor rally. However, despite the medium and long term technicals we expect the pair to grind lower towards the 1.30. Unexpected rise above the 1.325 would put 1.335 and 1.344 on the map.
Traders' Sentiment
Situation in the market remains exactly the same as yesterday. Long and short positions amongst traders are distributed 52% to 48% respectively. Distribution of pending orders remains in the same state as well (54% to go short 46% to go long).
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