© Dukascopy Bank SA
- RBS (based on Reuters)
Pair's Outlook
An upside risk noted yesterday has proven to be well-justified, since we have witnessed a sharp rally from 0.9470/68 that did not respect an accelerated up-trend resistance line, piercing it effortlessly. Nonetheless, the price is currently retreating from 0.9556/49 and could form a base around a rising slope at 0.9512. In the meantime, technical indicators on three most relevant timeframes are mixed.
Traders' Sentiment
The market participants have reacted quickly to the yesterday's surge, as the share of shorts has instantly increased up to 62%, meaning that now a notable majority of traders expect the pair to decline from the current levels. Changes related to the distribution between buy (45%) and sell (55%) orders were much less noticeable.
© Dukascopy Bank SA