© Dukascopy Bank SA
"The data from China didn't turn out to be a disaster and that's encouraging that combined with a rally in stocks, and comments from the Bank of Japan are probably weighing on the yen."
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
Today we saw the pair breaking the 100-day and 55-day SMA at 141.10/20 and right now it is trading around the 20-day SMA at 141.40. Common currency's appreciations was stopped by the monthly PP at 141.70; however, we suspect the pair to continue attacking this resistance level. Technical indicators remain mostly bullish and in our opinion the currency pair should be supported by the 55-day and 100-day SMA in the nearest future.
Traders' Sentiment
Traders' sentiment towards the 18-nation currency has increased as the currency appreciated today and it reached 48%. Concerning the pending orders, they have reached 48%.
© Dukascopy Bank SA