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- Saxo Capital Markets (based on Reuters)
Pair's Outlook
The currency pair has found a strong support zone near 1.25 and retreated back to the negatively-sloped trend-line at 1.2660, which has been keeping the bearish tendency intact for the past two months. Accordingly, the upward correction is highly unlikely to extend higher. Instead the price is expected to descend to 1.24, where it is going to test a support area created by the weekly and monthly S1 levels.
Traders' Sentiment
There is even less difference between the longs and shorts in the market than yesterday, as it contracted from ten percentage points to only four. At the same time the share of sell orders declined from 78 to 56%.
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