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"It's not so easy to dismiss what we are seeing I'm a little bit worried about the notion of excess slack being sufficient to keep core inflation low."
- RBC Capital Markets (based on Bloomberg)
Pair's Outlook
Yesterday the pair closed above the 100-day SMA and that might indicate on a formation of a bullish trend. We expect the 100-day SMA pushing the pair higher and it might approach the weekly R1 at 1.1037; however, at the same time some set back towards the weekly PP at 1.0947 is possible. The daily technical indicators are strongly bearish; however, the weekly and monthly are suggesting that the pair is poised for an advance.
Traders' Sentiment
For the first day out of last 17 the sentiment towards the pair has fallen below 70% and at the time of writing it is at 69%. The distribution between the buy and sell orders is quite stable—52% and 48% respectively.
© Dukascopy Bank SA