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"It lifts hopes that the sector will expand significantly in the second quarter and help the euro zone dodge a seventh successive quarter of GDP contraction."
- IHS Global Insight (based on Bloomberg)
Pair's Outlook
Pair managed to breach key, Fibo 61,8% (February to April, 2013, move), level. By doing so it significantly decreased the pressure on itself. Next key level lies at 1.345/350 area. If the pair will manage to breach it we are very likely to see it rushing all the way to the 2013 high at 1.37. If this will not happen, pair should remain in the 1.335-1.345 range.
Traders' Sentiment
It seems that number of bears and bulls in the market have stabilized. For the third day in a row, they account for 63% and 37% of market participants respectively. It is likely that similar situation will continue to last further as there are almost same number of pending long and short orders in the market.
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