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- EY Eurozone Forecast (based on CNBC)
Pair's Outlook
The Euro breached the weekly PP at 138.62 today and it continues to outperform the Yen. The next target for the shared currency could be the 20-day SMA at 138.84. And it was approached today; however, after this resistance level there is the major level at 139. In May the Euro struggled to appreciate above this level, the fact that it is also March low and 2009 high makes it more significant. However, the daily and weekly technical indicators are bearish.
Traders' Sentiment
The difference between the long (52%) and short (48%) positions stabilised even more, meaning that the traders' sentiment is not neutral. At the same time the gap between the buy (52%) and sell (48%) orders is also in very narrow range.
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