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"The euro is working its way through another small corrective phase within a massive, long-term word the word the within a massive, long-term."
- Global Hunter Securities (based on CNBC)
Pair's Outlook
Pair showed initial bullishness, but failed at 1.065 which lead to a dip below 1.06. At the moment it seems stable, but we cannot reject a possibility of a further sell off. August low, however, has kept the pair supported strongly in the past. To expect the same now would be rather reasonable. In case of an unexpected dip below it we could expect it to trail to 1.05.
Traders' Sentiment
Bulls took a step back (3% decreased during the weekend), but they continue to dominate the market holding 72% of all open positions. In the same manner, bears took a step back as well. Short side of pending orders decreased by 4% during the weekend and is at 55% level today.
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