© Dukascopy Bank SA
- Mizuho Corporate Bank (based on The Wall Street Journal)
Pair's Outlook
It seems that there is a significant pressure on the pair put by weekly PP as for almost a week it cannot advance above 122 mark. For the same amount of time pair dips have been limited and it has been supported mainly by 55-day SMA. Interesting part is that gap between these two is narrowing and we could expect some fireworks once they converge. Daily technicals point at depreciation of the pair, but only 3 of them have conclusive readings whilst weekly technicals give much clearer, yet opposite, view.
Traders' Sentiment
Bears gained a relative upper hand in the market, but the difference between the amount of bears and bulls in the market is too small (4%) to be significant. In addition, 59% of pending orders are in favor for the bulls.
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