© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
The major currency pair continues to depreciate, as today the price dropped beneath the weekly S1 level at 1.3079. The price's decline was so sharp that it has even breached the lower Bollinger line and the RSI slipped lower to the 30 benchmark. The next support levels are at 1.2968, where the weekly S2 is located, and slightly lower the 200-day SMA, which in conjunction should form a substantial layer of pending orders and stop the price for a while.
Traders' Sentiment
Currently the sentiments are rather confusing, as the ratio of positions fluctuates around a 50% benchmark - 51% long and 49% short. Pending orders market indicates a fragile support for the bears, as 47% are orders for a long position and 53% are for a short.
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