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– Eaton Vance (based on Bloomberg)
Pair's Outlook
Friday ended with the European single currency sustaining a relatively sharp loss against the Japanese Yen, with demand, represented by the two-month up-trend providing managing to prevent the Euro from edging lower. Nevertheless, a bearish gap caused the cross to begin falling under 114.00, with no signs of a possible recovery present. The resistance cluster around 114.50 is now weighing on the currency pair, making it difficult to climb higher. At the same time, the weekly and the monthly S1s form a support circa 113.35, also being bolstered by the Bollinger band, which altogether are to keep the cross from suffering more losses.
Traders' Sentiment
Traders remains bullish on the Euro, as 61% of all open positions are long. The number of buy orders, however, slid from 60 to 54%.
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