© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
Even though yesterday it already seemed that the greenback has regained its bullish momentum the pair remains bearish. At the moment the pair is supported at 1.0658 (2011 high) and most likely this support level should at least limit if not even stop pair's decline. Nonetheless, despite buck's failure to break the weekly PP at 1.0694 we are bullish and we anticipate continuous attack soon. The monthly technical studies are mostly bullish, with 4 out of 8 indicators sending buy signal.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 72% of all of the open positions on the pair. In the meantime, the share of sell orders slipped slightly from 74% up to 70%.
© Dukascopy Bank SA