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"We think that an outturn close to our forecast could lead to broad USD strength, especially versus low-carry currencies."
- Barclays Capital (based on Reuters)
Pair's Outlook
Although 100-day SMA made the pair to lose 200-pips of its value yesterday it found support at the monthly S1 at 0.925. Pair already tried to fall below this level today as well, but did not manage. Pair has tested 0.925/0.920 area already twice in the past 2 months, but unsuccessfully. Nor technical indicators, nor market sentiment give any indications that this time might be successful.
Traders' Sentiment
Bulls took a significant chunk of market under their control. At the moment they own 74% of all outstanding positions on the pair. It is unlikely bears could do anything about that since pending orders are equally divided between the bears and the bulls.
© Dukascopy Bank SA