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"There's no obvious story or driver of this, I think it's just a stop-driven move."
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
Pair rushed by more than 80 pips after receiving a bullish impetus from weekly PP at 0.985 area today. However, it would not be a mistake perceive this as market noise as it is way out of alignment with readings from technical indicators and expectations of market participants. In the rest of the trading week the situation will become much clearer—we will either see a further rally caused by momentum or a correction to 0.99 (maybe 0.985).
Traders' Sentiment
Attitude of market participants towards the pair changed hasn't changed a bit since yesterday—remains at strongly bullish at 74% and it does not seem we will see any changes anytime soon either as pending orders are in perfect equilibrium between long and short traders.
© Dukascopy Bank SA