© Dukascopy Bank SA
- Royal Bank of Scotland Group (based on Bloomberg)
Pair's Outlook
Pair maintains it's bullishness and stays in the accelerated uptrend after a bounce from the 50% retracement of July to August move. June high/monthly R1 and close proximity of the August high/weekly R1 keeps the pair under pressure. Only a close above the latter one would uplift most of the downside risk and put 1.35 2 on the map. However, the mentioned area remains as likely to fail the pair as ever. In such case we could see a fall to 200-day SMA to 1.314.
Traders' Sentiment
Situation in the market is exactly the same as yesterday. 67% of traders remain short on the pair and pending orders are perfectly evenly distributed between the long and short traders.
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