© Dukascopy Bank SA
"The market's bias was the be long dollars looking for the Fed tapering to begin in September. The percentage chance of that happening has been pared back."
- BMO Capital Markets (based on The Wall Street Journal)
Pair's Outlook
Pair's bullishness ended at the 50% Fibo (July-August move), which at first pushed the pair back to 200-day SMA and now to 20 and 55-day SMAs. Pair should stabilize here, ahead of 0.929, and we might even see some recovery. However, 200-day SAM should keep the pair depressed for the time being.
Traders' Sentiment
Bears took some of the market from the bulls, but the difference is rather marginal. 72% of traders, 1% less than yesterday, are already long on the pair and 57% of pending orders, 4% less than yesterday, are set to do the same.
© Dukascopy Bank SA