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- Credit Agricole (based on Reuters)
Pair's Outlook
Pair continued to appreciate with the possible intention to return to last weeks closing levels, but did not manage to advance above 124 and for the time being is being supported by 20 and 55 day SMAs. Market sentiment dynamics suggest that pair should be driven mostly by technicals, which at the moment give relatively clear directional reading. It seems that the only question is if mentioned SMAs will mange to keep the pair from dipping further.
Traders' Sentiment
It seems that bears are starting to terminate their positions in the market, but the change in market sentiment was marginal and it is too early to make any conclusions. At the moment 52% of outstanding positions belong to bears. On the same note, pending orders which are in favour for the bulls now constitute for 62% of all pending orders.
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