© Dukascopy Bank SA
"Technical signals suggest a slide down to the late $0.8200 area, but the move we're seeing is just a bit of a retracement. […] There's nothing to say we can't test $0.8450, or $0.8500 in the new year."
- CMC Markets (based on The Economic Times)
Pair's Outlook
Pair continuing its bearish correction and at the moment is supported by 20-day SMA and monthly R1 at 0.833. Taking in to account recent developments and pairs momentum there is a high probability that these levels wont be much of a problem for the pair today making 0.8265 next target.
Traders' Sentiment
Bearishness in the market is strengthening further—at the moment 74% of traders (+4% since yesterday) hold short positions in the market. Further domination of bears in the market is definite as majority of pending orders, 62% to be exact, are to go short as well.
© Dukascopy Bank SA