© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
The Euro area currency fell below the major level at 139; however, it almost instantly reversed back to trade around the 200-day SMA at 139.20. It seems that this decline has impacted the daily and weekly technical indicators as they are getting less bullish; although, at the same time the monthly technicals are strongly bullish. The Euro should gain some bullish momentum soon and we suspect it to touch the monthly and weekly S2 at 138.38/34 as the lowest point for now.
Traders' Sentiment
There are more bulls than bears for the first time in more than two months—51% and 39% respectively. Concerning the buy and sell commands placed, their numbers are completely identical.
© Dukascopy Bank SA