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"The labour figures are strong enough to show the job market is continuing to improve. But they are also "bad" enough that the Fed must not, or cannot, yet reduce its QE measures."
- St. Galler Kantonalbank (based on The Economic Times)
Pair's Outlook
Pair is facing with significant difficulties while still trying to recover at least of the losses experienced in the last 2 weeks. At the moment it seems to be depressed under the 200-day SMA and stuck between 94 and 93 cents. If pair will not manage to get bullish impetus from some of the support levels we are likely to see additional losses extending to 91 cent area. However, if pair does manage to advance above 94 cents some of the downside pressure will be lifted of and 95 cent area might become a reasonable target.
Traders' Sentiment
Bulls strengthened their presence in the market by a marginal 1% and at the moment they account of 75% of market participants. Majority of pending orders (59%) are set for their benefit as well.
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