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"US dollar weakness against most major currencies is looking increasingly overdone, with little room for further weakness."
- Credit Agricole (based on The Economic Times)
Pair's Outlook
After few unsuccessful attempts the pair has breached 0.925 and apparently found a strong support with it. It is highly likely that pair might gain some momentum and advance all the way to the 0.9434. However, as indicated by the short term technicals, pair faces significant pressure form the 20 and 200-day SMA which might keep the pair range bound for some time. In case of unexpected depreciation pair is likely to remain supported at the 0.92 cent area.
Traders' Sentiment
Greenback bullishness continues to weigh on the pair making it moderately bullish—63% of all open positions on the pair are long. Share of pending orders are in favour for the bulls increased by 2% since yesterday; 57% of all pending orders in total.
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