© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
Today the pair has retained its position above the 38.2% Fibo and it even approached the 55 and 100-day SMAs at 137.50/57. The technical studies are mostly neutral, excepting the monthly ones. Nonetheless, for a further appreciation the 18-nation currency has to surpass the previously mentioned levels and also the 50% Fibo at 137.69, that has not been breached in October. To our mind, the pair's consolidation continues until the level is broken.
Traders' Sentiment
Market sentiment remains basically unchanged as bulls continue to hold 52% of all of the open positions on the pair. The distribution between the buy and sell orders is also quite stable—44% and 56% respectively.
© Dukascopy Bank SA