© Dukascopy Bank SA
"The market has started to chew with the idea that maybe the Fed, while still tapering, may also introduce another concept that calms the market. As long as there's that discussion, that's something that—for the time being—can weigh on the dollar."
- UBS (based on The Wall Street Journal)
Pair's Outlook
Pair fails to pick the pace after hitting 23.6% Fibo, but finds solid support with it. 100 and 200-day SMAs seem like mission impossible in the short term, despite the signals from the short term technicals. Pair is likely to remain choppy in the 93 to 94 cents area. Dip below 0.924 could provoke a sell off to 0.917 and only a close above the 100-day SMAs would put 0.945 on the map.
Traders' Sentiment
Bulls continue hold overwhelming majority in the market. 70% of them are already long on the pair, that it is 2% more than yesterday. 72% of the pending orders are set in the favour of the bulls as well.
© Dukascopy Bank SA