© Dukascopy Bank SA
- Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
Pair showed few consecutive bullish sessions which suggest that bulls intend to retest 1.035. If it is breached 1.0375 could easily send the pair back and only peak above it would uplift most of the downside risk. We think that 200-day SMA should continue provide enough support for the pair. However, in case it unexpectedly fails, the pair could trail to 1.023 and to 1.018 after that.
Traders' Sentiment
Market sentiment remains exactly the same as yesterday. 71% of market participants have long positions opened on the pair and 56% of all pending orders are set to go long as well.
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