© Dukascopy Bank SA
-Nordea (based on Business Recorder)
Pair's Outlook
After receiving a push from Bollinger band at 103.920 pair has gained some momentum and currently is testing 200 day SMA at 102.140. Pairs downside risk persists, but its way down should not be as fast as recent bullish rally as support levels at 101.818 and 101.616 are in close proximity to each other.
Traders' Sentiment
Bullish sentiment on the pair persists as slim majority (53%) of traders continue to hold long positions on the pair. Significant amount, 9%, of buy orders was realized since yesterday as pair tried to step up today. Remaining share of buy orders (72%) suggests strong underlying support for the pair in lower levels.
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