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- the ECB (based on Reuters)
Pair's Outlook
The pair reversed some of last week's losses and managed to breach the weekly PP at 138.62. Still, even though the Euro gained bullish momentum it does not seem too convincing. The next challenge will be to break the 20-day SMA and just slightly higher the major level at 139. At the end of May the 18-nation currency struggled to beat this level; however, if the currency successfully does it then it might prolong its advance to weekly R1 at 139.51.
Traders' Sentiment
The sentiment towards the common currency has not changed since yesterday, with a slight majority (52%) of the SWFX market participants being bullish. The distribution between the buy and sell orders is also quite stable—56% and 44% respectively.
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