© Dukascopy Bank SA
- Bank of Nova Scotia (based on the Globe and Mail)
Pair's Outlook
The greenback gained slightly and it is likely to approach the major level at 1.09. If this major level will be broken and if the pair closes above this level then we expect a further climb towards the weekly R2 and monthly PP at 1.0955/64. Although, the majority of the daily and weekly technical indicators are bearish, that is suggesting downside risk. It is rather likely that in the short to medium term the pair will trade in the range from 1.09 to 1.10.
Traders' Sentiment
Bullish side of open positions returned to 71% level today; up from 69% yesterday. Concerning the orders placed 100 pips from the spot, there are now more commands to buy—58%.
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