- Royal Bank of Scotland Group Plc (based on Bloomberg)
Yesterday the pair has nearly reached the target level of 1.1150, but now there is very little hope the recovery is going to continue. The gains are expected to be capped by the falling resistance line and the 55-day SMA at 1.11. Over the next few weeks the price will likely decline through the nearby supports and test the emerging support line at 1.09. At the same time, a close above 1.1150 will imply a move towards the 200-day SMA at 1.1260.
The market remains net short the Euro, and the difference between the shares of bulls and bears stays at 16 percentage points. Concerning the orders placed in the market, there are now insignificantly more sell commands (55%) than there are buy ones.