- Roberto Mialich, UniCredit SpA (based on Bloomberg)
The pair stalled after it had broken through the 200-day moving average. From above the fluctuations are now limited by 1.1050, while any attempts of the bears to push the price lower are to be prevented by a dense demand area at 1.0970/50, which consists of the up-trend, monthly R1, and 100-day SMA. Eventually, however, the bulls should gather enough strength to throw the rate above 1.1050, which will pave the way for a multi-week recovery towards the October high.
There have been no changes in the SWFX sentiment since yesterday: 52% of positions are long and 48% are short. The share of sell orders increased from 52 to 54%.