© Dukascopy Bank SA
- Societe General SA (based on Bloomberg)
Pair's Outlook
Pair failed initial test at the 20-day SMA, it did not manage to consolidate above it. Despite that, we believe that the bullish sentiment in the market should prevail and the pair will retest this level in the course of the next few days. Advance above it would put September and October highs on the map. In case of an unexpected failure or further depreciation the pair should find support with the 100-day SMA.
Traders' Sentiment
Bears are clawing their way further. At the moment they account for 56% of the market participants. That is 3% more than yesterday; 5% more than two days ago. At the same time, however, bullish side of pending orders increased by 7% and is at 62% gauge.
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