© Dukascopy Bank
- ING (based on Reuters)
Pair's Outlook
The 18-nation currency dropped towards June low at 137.71 today, after yesterday reaching the weekly PP at 138.72. This fall was mostly impacted by its failure at the weekly PP. Nonetheless, most likely the pair will not slide below the major level at 137. Despite today's retreat the pair's daily and monthly technical indicators are bullish. We anticipate the Euro rebounding above the 138 level and challenging even higher levels around 138.50.
Traders' Sentiment
The distribution between the proponents and opponents of the Euro's appreciation relative to the Japanese Yen remains more or less the same as 24 hours ago—60% and 40% accordingly. In the meantime, the share of buy orders slid from 59% down to 57%.
© Dukascopy Bank