© Dukascopy Bank SA
"The great taper journey that we are all about to go on is dominating the market and seems to be moderately U.S. dollar positive and we've just slid away throughout the day."
- Western Union Business Solutions (based on The Wall Street Journal)
Pair's Outlook
Pair seemed range bound for some time, but has branched the lower limit of it yesterday and continue to trail lower today. We expect 200-day SMA to be challenged some time in the short term. It should hold the initial test and might even cause a light recovery. In order to ignite a medium to long term rally the pair should advance above the55 day SMA.
Traders' Sentiment
Bears strengthened their presence in the market and once again dominate it. They hold 74% of all open positions,. This is 4% more than yesterday. In addition to this, bearish side increased by 5% and is at 55% today.
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