© Dukascopy Bank SA
"The U.K. and U.S. economies are more securely positioned than the euro zone economy."
- Westpac (based on MarketWatch)
Pair's Outlook
We cannot say that it happened with ease, but the pair advanced above the June high. Pair demonstrated a significant rally in the last few days and as suggested by the short term Stochastic we could expect a bearish correction. We cannot rule out caution in the medium to long term as well. We should expect probes above the uptrend support, but at the moment it is unclear if they would hold long. Dip below 1.570 could provoke sell off to the 1.560.
Traders' Sentiment
Bears are continuing to hold the tight grip on the market and. Distribution of open positions has slipped few percent in favour of the bulls, but the bears continue to control overwhelming majority (71%) of the market. 61% of pending orders, which is 6% more than yesterday, are in favour of the bears as well.
© Dukascopy Bank SA