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- JPMorgan Private Bank (based on Reuters)
Pair's Outlook
The Euro zone's currency performed well today as it reached the 20-day SMA at 137.36. Now the next target for the pair's bulls is the monthly S1 at 137.59; however, taken into account the currently bearish technical indicators this level will not be easy to breach. Nevertheless, the monthly technical studies are largely bullish, suggesting that the pair might look towards the major level at 138 in the longer time horizon.
Traders' Sentiment
As the pair continues to appreciate the pair's sentiment continues to fall. At the moment of writing already 68% of the market participants are bearish. The distribution between the buy and sell orders is rather similar—37% and 63% respectively.
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