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- BNP Paribas (based on The Financial Times)
Pair's Outlook
Pair has appreciated by almost 200 pips and at the moment is trading at the highest level since February, 2013. On it's way it breached June and August highs. Although breaching monthly R2 seems achievable goal, it seems very unlikely that 2013 (January) high at 1.371 could be breached on the basis of this appreciation. In case the pair fails here, 1.345 could be a good interim support level.
Traders' Sentiment
Situation in the market has been rather similar for quite some time. Open positions skewed to the side of the bears by additional 2%. Taking in to the account that overall gauge is 69%, this increase is rather marginal. Distribution pending orders moved from being evenly distributed between the long and short traders, at the moment 55% of them are set to go long on the pair.
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