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- Pacific Investment Management Co. (based on Bloomberg)
Pair's Outlook
Since there is no more threat to the resistance trend-line, the focus is now on the July low. The currency pair is expected to pierce through all the nearby supports and make a notable bullish correction only in the region of 1.08. Once this support is out of the way as well, the next target will be this year's current low at 1.0460, although we may feel the buying pressure a little earlier, near the level of the April's minimum at 1.0520.
Traders' Sentiment
We did not see a significant change in the distribution between the bulls (44%) and the bears (56%) - the sentiment remains slightly bearish. At the same time, the share of buy orders soared from 48 to 70% during the last 24 hours.
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