© Dukascopy Bank SA
- ING (based on Reuters)
Pair's Outlook
Pair continue to demonstrate bullish bias and has peaked above the monthly R1. We expect the pair to continue demonstrating similar intentions and that monthly R1 will be breached in the course of the next few days. Weekly R1 should not cause much trouble, although initial test might fail. However, peak above it would put 2009 on the map. In case of an unexpected failure at any of these levels we expect the pair to find support with October high.
Traders' Sentiment
Bears continue to account for the same share, 60%, of market participants. Pressure on them decreased significantly as bullish pending orders decreased by 14% and is at 53% gauge after the weekend.
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