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"It was seen as a geared play on US growth – but this time it is the underperformer as the US recovery gains momentum."
- Morgan Stanley (based on The Financial Times)
Pair's Outlook
Pair is not losing it's bullishness, but 1.10 is not willing to give up easily either. As trading week is coming to an end it is very unlikely this resistance will be breached soon. Key point should be the opening level in the new trading week. Above the 1.10 could spur a major rally, whereas below it could leave the pair capped by 1.10 in the medium to long term.
Traders' Sentiment
There is no change in the market sentiment since yesterday as bulls continue to hold 61% of all open positions. Bears however, boosted their share of pending orders by 15-25%, till approximately 85%. This suggest we might see major shifts in market sentiment soon.
© Dukascopy Bank SA