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- John Hardy, Saxo Bank (based on Reuters)
Pair's Outlook
The currency pair has effortlessly pierced through a confluence of resistances at 99.01/17 after confronting an uptrend support line, but was stopped by 99.58, and is currently pulling back, implying lack of bullish impetus. The rally looks fragile also due to a strongly bearish signal by technical indicators for a weekly time frame, therefore a downside risk continues to increase.
Traders' Sentiment
Pairs sentiment became bearish as only 49% of traders have long positions on the pair at the moment (62% yesterday). Amount of pending buy orders decreased as well—it dropped to 70%; by 7% since yesterday.
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