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- Credit Agricole (based on Bloomberg)
Pair's Outlook
The Europe's shared currency touched the major level at 137, after dropping below the 138 mark last week. The technicals; however, suggest that in the near term most likely the pair will consolidate around the current trading levels. To our mind, it is possible that the 137 level will not hold the pair, as it has not proved itself as a reliable support in the past; however, the weekly S1 and July low at 136.47/37 could be a strong enough support.
Traders' Sentiment
The traders' sentiment has not changed for the third consecutive trading day, as it remains at 52% of them being bullish. Bullish side of pending orders, however, contracted by 4% and is at 32% gauge today.
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