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- KnightsbridgeFX.com (based on Reuters)
Pair's Outlook
The pair started the week strong by breaking the 1.09 level on Tuesday; however, in the second part of the week we are seeing a different trend to emerge. The Greenback fell below April low at 1.0859 today; although, the next support level, namely the 55 and 100-day SMAs, managed to stop the current decline. Nonetheless, we are sceptical on a further retreat, the pair should not slip below the 1.08 mark, as it seems supported at the current trading levels, also none of the technical studies are bearish.
Traders' Sentiment
The current decline is encouraging more and more traders to buy the pair, at the moment 72% of the SWFX traders are bullish. In the meantime, the share of buy orders grew from 42% up to 61%.
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