© Dukascopy Bank SA
Despite the recent rebound from the pattern's resistance pair is facing significant upside pressure in the short and medium terms. It is so indicated by the short and medium term technical indicators. In addition to this current market sentiment is strongly bullish—73% of all open positions are long on the pair. Pending orders do not suggest any comfort for the bears either. However, recent high at 1.0556 is the highest level sin October, 2011, which should cause some turbulence in the market and might give bears a change to ignite a sell off.
© Dukascopy Bank SA