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– Pimco (based on Market Watch)
Pair's Outlook
The European single currency overperformed on Friday, having surged beyond the 114.00 psychological level against the Japanese Yen. Furthermore, the pair opened with a small bullish gap today, becoming locked between two clusters, namely the area formed by the 38.20% Fibo, the monthly PP and the weekly R1 from the upside, and the cluster represented by the weekly PP and the Bollinger band from the downside. According to technical studies, the cross is unlikely to break out of this trading range today, thus, to remain somewhere between 114.00 and 114.50.
Traders' Sentiment
Market sentiment remains bullish, now at 68%, compared to 64% on Friday. At the same time, the number of purchase orders lost 7% points over the weekend, having fallen to a total of 53%.
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