© Dukascopy
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- Commerzbank AG (based on Bloomberg)
Industry outlook
The pair keeps on progressing and inching higher with each day. Currently it is coming nearer to its primary target at 0.9340/0.9400. Losses of the price will be limited by supports at 0.9130/40 and 0.9062.
Traders' sentiment
The market is being overwhelmed by the inundation of new long positions opened, pushing the share of bullish FX players up to 68.47%. Accordingly, the portion of shorts has diminished down to 31.53%.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 0.9278, followed by R2 and R3 at 0.9361 and 0.9490 respectively.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 0.9148. However, assuming that the bearish momentum does not weaken, investors will focus their attention on the lower support levels at 0.9102 and 0.8972.