© Dukascopy Bank SA
- Chris Weston, institutional trader at IG markets (based on Business Spectator)
Pair's Outlook
As the pair continues a movement within an upward channel, we observe a strong bullish movement for the third consecutive day. The Upper Bollinger band at 1.0447 could be a strong resistance level for the pair, after which a trend reversal is likely. The targets for the beginning of the next trading week are 200-day SMA at 1.0297 and 20-day MA around 1.0283.
Traders' Sentiment
The vast majority of traders (68%) assume that the pair will augment further in near-term. However, an increasing number of traders expect a trend reversal from the Upper Bollinger band and consecutive pair's downward movement.
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